Dealing with mountains of debt
The issue of debt collection abuse
There are very strict regulations in place in order to ensure that the debt collection industry is properly regulated, but unfortunately, there are an increasing number of consumer complaints that clearly indicates that many debt collectors have very little regard for legislation. According to the Fair Debt Collection Practices Act, any debt collection company is only allowed to contact you between 8 AM in the morning and 9 PM at night in order to persuade you to pay a debt. However, there are many debt collection agencies who are blatantly ignoring these guidelines and then there are also those who are fully exploiting those regulations and therefore in the time which is allowed, they will contact the consumer up to 14 times in a single day in an attempt to intimidate the consumer into paying the debt. Such calls will start just after 8 AM in the morning and will continue until just before 9 PM at night. This could really turn into a very uncomfortable situation for anyone who has an unpaid debt that has not been settled yet.
The slow economy does not make things easy
Extensive research which has been done over the last couple of years clearly indicate that an increasing number of consumers are finding it very difficult to manage their finances effectively and this is resulting in endless confrontations with debt collectors that simply do not care how they approach such a consumer. Because many of these debt collectors work on a commission only basis, they are under pressure to perform as effectively as possible in order to increase the income they are generating. This is why many of these debt collectors do not hesitate to use intimidation tactics in order to coerce the consumer into paying such debts. One of the most uncomfortable situations is to be bombarded with an endless number of phone calls each day dealing with the same debt related issue. This is totally unnecessary and it is a blatant violation of consumer privacy, but unfortunately, a substantial number of debt collectors are making use of such intimidation tactics when they pursue unpaid debts.
Debt settlement is the only option
The only way to permanently get rid of abusive debt collection agencies will be to find a way to consolidate credit card debt. The problem is that so many consumers have never learned how to budget effectively and have never learned the value of staying within the constraints of their available income. Far too many people are in a constant competition with wealthy friends and family and therefore, they are purchasing luxury items which are placing a very heavy burden on their financial situation. Consumers need to change their attitude towards money and they have to change the way in which they think about money. Consumers often find themselves in financial problems because of the decisions which they have made and the only way to get out of that situation is to make better decisions.