How to deal with those aggressive debt collectors
On the Money From the October 2, 2009 print edition The United States doesn’t have a debtors’ prison. But in the midst of a recession, repeated calls and threats from debt collectors may make consumers feel psychologically trapped. The economic downturn caused many consumers last year to fall behind on bills and other obligations. As a result of the poor economy, debt collectors become more aggressive in their tactics. For individuals, this usually means they can’t make their minimum payments on credit cards. In financial circles, monthly payments are called “debt service.” When debt isn’t serviced, creditors are less than thrilled. Here are some tips, insights and suggestions for successfully handling creditors and collectors: Don’t take it personally. Remember that a collection call, no matter how unpleasant, is a business transaction – not an assault on your personal character. However, collectors may attempt to intimidate and scare you. Remember that many collectors are paid based upon what they collect. Therefore, keep all conversations to the point, professional and focused on the...
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