DEBT MANAGEMENT » Get out of Debt

If debt collector calls are getting you down, rest assured that there are ways to stop them from contacting you. Thanks to the Federal Trade Commission, acts have been put in place to protect you from abusive practices that can leave you feeling more threatened than excited about paying off an old credit card balance.

Why Are Debt Collectors Often Abusive?

You're probably wondering why collection agencies choose abusive tactics instead of nicely asking for their money. The main reason is that they know they can get away with whatever it takes to collect a debt.

For instance, they know:

• Many people are uninformed when it comes to collection laws.
• There are legal loopholes that allow collection agencies conducting illegal activities to quickly close and reopen under different names.
• It's not easy to prove or prosecute their behavior unless you record it, which most people don't do because they don't know they're being abused.

Putting a Stop to Debt Collector Calls

If you're tired of abusive debt collector calls and want to put a stop to them, here are a few things you can do:

• Request that they not contact you by phone. The first step in the process is very simple. By verbally requesting (according to the FDCPA script) that they not contact by phone to collect a debt, they are supposed to comply.
• Quote Fair Practices act. If the collection agency refuses to comply with your request, your next step is to quote the Fair Debt Collection Practices Act, which requires that they stop phoning your home or work then let them know you will send a certified letter to them with the same no-contact request. Also, let them know you will complain to the FTC and attorney general if they continue to call.

It's good to keep in mind that the Fair Debt Collection Practices Act does not apply to original creditors. So if your credit card company is calling you, you don't want to quote the FDCPA script. Instead, you can find a copy of your state's law regarding phone calls from original creditors. The good news is that by state law, you still can request that they not contact you by phone.

If you feel a debt collector calls are unfair or abusive, it's important to exercise your rights. There's nothing worse than succumbing to anagency desperate to collect a debt.

By building a budget you will get a complete overview of where all your money is going. And viewing that information with a critical eye, you can see where expenses can be cut, money can be saved, and breathing room to help relieve some financial stress can be gained. The process can also help put your overall relationship with money into perspective as it will give you the power over the means and not the other way around.

When you have a full picture of your true financial state, you may realize that you are actually worse off than you thought. That can actually be a positive thing, as accepting the truth and dealing with it head on can be extremely empowering and a great way to lighten the financial stress load a little more. Whether you need to seek the advice of a professional credit counselor, need to consolidate your bad debt and put every penny to paying down your obligation, or even going to the local food bank for some nourishment - getting help (and helping others in return) is a great way to reduce the stress related to your financial situation.

The economy is in shambles and everyone is feeling the pressure mount. If going to work terrifies you, as you expect to be the next to receive a pink slip. And you are terrified to open your mail because of the bills. Even answering the phone is off limits due to credit collectors calling you constantly - you need help. Stress of any type can be crippling and trigger off even bigger problems, such as panic attacks or stomach pain for those enduring the burden. By breathing deep and taking some steps to manage your financial stress you can help not only your bank account, but your health as well.

Using a line from the Rolling Stones song as your mantra can be your first baby set. "You can't always get what you want, but if you try sometimes, you just might find, you get what you need" can be a useful tool to better assess what you truly need for survival. Being hungry and needing to eat is a legitimate need, but craving lobster is a want. Once you can distinguish the two, you can build a household budget separating the two.

Wrapping your mind around debt-to-income ratio is as simple as applying a simple mathematical formula to your gross monthly fixed expenses. You never knew it was that simple, did you? To show you just how simple it is, let's take a closer look at what debt-to-income ratio is and how to calculate...

Thephrase "automatic stay" is synonymous with what occurs afterfiling a bankruptcy. So if you think that you might want to start the process, it's good to learn what this phrase means in greater depth, and what your rights are in association with this phrase.

What is Automatic Stay?

An automatic...

During bankruptcy proceedings, it is common to hand over rights to property and assets for liquidation; however, depending on what state you live in, you may be exempt from handing over certain items . It's important to know what the federal bankruptcy rules of exemption are for your state so...

If you're filing a bankruptcy and decide that you want to liquidate your property using state property exemptions, you will qualify for specific federal non-bankruptcy exemptions . However, it's good to know that federal non-bankruptcy exemptions and federal bankruptcy exemptions cannot be used...

If debt management is a problem for you, it may be time to learn the basics of how to plan out your finances to help you create more organized and responsible spending habits. Irresponsible spending can easily get you in trouble with creditors, and essentially ruin your credit along with...

Successful debt managementis easier than you thinkif you learn how to manage your expenses by controlling your spending . Yes, overall it may seem a bit overwhelming to handle, but if you simply take it on as a month-to-month project, you will see how quick and easy it is to get your finances...

Managing your debt often requires reducing expenses that are unnecessary. Fixed expenses such as your revolving credit, car and mortgage payments, alimony and child support do not fall into this category.

If you learn to reduce payments for items that you really don't need, managing your debt ...

The decision to manage your debt is one that requires courage, dedication, and the determination to regularly track your expenses . If you're not accustomed to living your life in an organized fashion then now is the time to make the changes necessary to essentially manage your debt and clean it...