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Debt collectors often prey on creditors' ignorance.
Debt collection is a whopping $11.5 billion industry, and around 28% of Americans currently owe money and are being sought out by a third party debt collection agency, according to the Bureau of Consumer Financial Protection (BCFP).
Debt collectors often prey on creditors' ignorance. In 2018 alone, the Federal Trade Commission (FTC) banned 32 companies and individuals from ever working in debt collection again for malpractice. The best course of action when you first become late on a payment is to make sure you know the laws and your rights when it comes to handling debt collection.
A debt collection agency is a separate third party from the original creditor to whom you owe money. At some point of time (usually no sooner than 90 days), creditors often turn over unpaid loans to the debt collector to pursue the customer in an attempt to receive payments. Debt collection agencies often buy out a portion of the unpaid loan from the creditor, or they may receive a percentage of the money if and when it is paid.
Debt collection is a civil, not criminal matter. This means the police will not get involved, and you will not go to jail for failure to pay on loans.
With consumer debt hovering around $14 trillion, more of your peers are in debt than you probably think.
Outrageous medical bills, soaring college loans, and all the other emergencies in life can contribute to mounting credit card debt. That's why more Americans every day are looking to Consolidated Credit, a non-profit organization that helps pull people out of debt.
They've helped over 10 million people on average reduce their total credit card payments by 30-50%.
By working to lower your monthly payments and reduce the interest rate, the service is a no-brainer for anyone struggling with debt.
Their debt counseling services and customer service are unparalleled; those who've gone through the process of trying to manage their debt know it's tough and can't find anything that grants them more relief than Consolidated Credit.
Here are what just a few of their customers have to say about the convenient service.
"We have paid off $250k"
"My husband and I were at a point of stress, fights, and felt like we were drowning. Because of this company we are now breathing easier and making more responsible financial decisions.
By the end of our five year term (3 years in already), we will have paid off nearly 250K in debt!! I recommend them to anyone and everyone struggling." - Stacie K.
"I cannot say enough good things"
"Our [Debt Consolidation Counselor] was knowledgeable, professional, comprehensive, kind, and answered all my questions in a PATIENT AND THOROUGH context. I cannot say enough good things about [our counselor]." - Dave C.
"Very grateful for the help and peace of mind."
"I am very grateful for the help and peace of mind the Consolidated program has given me. Life can be financially overwhelming at times. It is very satisfying to have a program that puts one back on the road to financial security. Thank you, Consolidated Credit!" - Carol G.
"It becomes easier and easier"
"There is light at the end of the tunnel. I was struggling with overwhelming debt and did this as a last attempt. They definitely drilled into me that I was not being responsible, which I wasn't. After everything is set up it becomes easier and easier." - Joseph M.
"Consolidated Credit came to the rescue."
"Almost there!!! I was totally buried in debt but CC came to the rescue. I am now ONLY THREE MONTHS away from being free of seven credit card payments! CC is a God-send." - Deb F.
In some circumstances, you need to rely on credit cards. When you feel like you're relying on credit cards too much, it's time to rely on Consolidated Credit. They make it easy to get on top of your finances and not only get out of debt, but stay out of debt.