Due to our economic crisis, housing bubble, jobless crisis, and other events that have taken place many individuals around the nation have found themselves with much more debt than they can handle. It can be a terrible thing to find stuck in this position because it is usually not because of wild irresponsibility like the media has a tendency to portray to the world. The fact is, there is always a great risk once you begin accumulating a large amount of debt because even the slightest financial hardship can potentially ruin your carefully planned future. If this does happen and you have found yourself overwhelmed with debt and the pressure of debt collectors trying to get your money, it is wise to study the ways you can (somewhat) control the debt collection agencies.

The first thing to know is that they have a legal right to try and collect what they can that is in your name. You simply need to communicate with them because most people have a tendency to try to ignore them and sweep things under the rug, which causes them to get far more aggressive than if you take a proactive approach. By being proactive and contacting them before they ever get to thinking that you won’t pay, you gain some level of control. They want to expend the least amount of resources possible to collect the debt so if you work out a reasonable, even if small, payment plan then you probably can get much better results. In fact, in some cases you can actually negotiate with the reps to cut the amount of debt owed by a significant amount!

If they threaten garnishing of wages which would ruin your ability to provide for your own or your family’s life necessities then you really need to consider contacting a skilled lawyer as fast as possible. They are not allowed to cause a person to not be able to pay utilities, rent or food bills.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.