Saturday, June 19, 2010

Dealing With Credit Card Debts

Whenever a debt collection agency calls and endlessly reminds you about your ballooning credit card debt, how do you usually deal with it? Do you automatically hang up? Do you listen to every word the agent says and be a worry wart and tremble upon hearing the phrase "taking legal actions against you" and faint? Or do you take initial actions by laying out negotiations and seriously work on recovering that debt through credit card consolidation?

I ask this because I know of a friend who, unfortunately, mishandled her credit card in the past months leaving her with a huge debt at the present. Now with all the added interests charges and penalties, she can not pay what is due. The collection agency has been calling her up and it seems she's just ignoring the calls thereby leaving her debt getting huge as months pass. Again there goes the moral about responsible owning of a credit card. Do not purchase beyond your means. And if such unfortunate situation occurs as that of my friend, experts remind that part of becoming a responsible cardholder and in order to get your way out of debt is to acknowledge the (valid) debts you owe and become accountable for them. Undergoing a consumer credit counseling is also a wise move. The Consumer Credit of America which is a non-profit agency is always ready to render valuable help to those who are struggling to get out of their debts. Their highly trained and expert counsellors provide debt consolidation strategies and repayment assistance through credit counseling. Again, ignoring these calls won't solve the problem so the best approach is to deal with these talks head on, negotiate and resolve to prevent the same financial mistakes that brought this kind of situation.

No comments: