Every month, thousands of Americans are forced to stop paying their credit card debt simply because they have run out of money. Half a million people in the US lose their jobs each month due to deepening depression and it becomes a choice for food and shelter or making a credit card payment.
If You Can’t Pay Your Credit Card Debt, What Should You Do? First, you must completely shift your thinking from the “traditional economics” survival mode to the “depression era” survival mode. Once upon a time, you had great credit, paid your bills on time, and planned to live happily ever after.
Then the “big bad” economic depression formed and the sky began to fall, raining pink slips on millions of people. Uncle Sam saw what was happening and with his infinite wisdom, initiated the largest “rescue” of banks and large corporations in the history of the world.
Your life changed from a fairy tale to a true horror classic in a matter of months and now you are being hunted by a credit card monster that is determined to eat you alive! Next month this scenario will be repeated with another half a million unemployed people.
The good news is that the credit card monster can’t eat us all. Some people will adapt to the strategies of debt collectors and emerge to live a debt-free life. Who are the survivors? You can call them “action figures”, the people who act and defend themselves from collectors.
As you begin to change the way you think about your credit card debt situation, you must realize that it was not you who caused the economic collapse, it was the banking system. Also, you should know that after you defaulted on your credit card debt, the bank “canceled” your debt and moved on.
After about six months of default, the bank sells its “debt” to the debt collection companies and that is “the end” of the story for the credit card company. From that point on, his account never existed with the original credit card company.
The debt collector paid pennies on the dollar for your account information and will now use his traditional “moral obligation” thinking to scare you into paying him instead of the original credit card company. The original credit card company will not receive a penny from the debt collector if you decide to give them money.
The debt collector took a big risk when he bought your account. Your thinking is that you can scare him into paying you and make a big profit from you. It will use all available legal means to collect your money from you, and many debt collectors will use “illegal” tactics to extort money from you.
Most people don’t know that they, too, have an arsenal of completely legal tactics to use against debt collectors. Once you show the debt collector that you are absolutely fearless of him, he will quickly turn to those who are sticking their heads in the sand in the hope that he will go away.
You can easily bring the heavens down on debt collectors’ heads by dropping chunks of the Fair Debt Collection Practices Act on your head one piece at a time and you’ll quickly be hit with easy, less-knowledgeable prey.
Arm yourself with knowledge and don’t be a “cowardly lion”. Follow the yellow brick road established for you by the Fair Debt Collection Practices Act and you can successfully end your credit card nightmare.