Debt Cures They Don't Want You to Know About

There are many debt cures they don't want you to know about, they being the banks, credit unions, credit card companies, and other lenders. Every business is about profit, and lenders are among the most profitable firms in existence. When a consumer becomes overextended, the lender rightfully becomes angry. However, many cross the line and threaten and even break the law to try to get their money and protect their profit model. But an educated consumer is their worst enemy, and there are ways to exercise debt cures they don't want you to know about.

When a lender realizes you cannot or will not pay the bill, usually after six months in the case of a credit card, your case may be turned over to a collection agency. Debt collectors are notoriously painful to deal with, but there are many rights and debt cures they don't want you to know about. Read up on the Fair Debt Collection Practices Act (FDCPA) and they could be paying YOU if they violate laws such as talking to other people about your debt and calling you outside the hours of 8 a.m. to 9 p.m.

Another one of the debt cures they don't want you to know about is negotiating lower payment than the balance with the collection agency. Bill collectors often will take pennies on the dollar to earn something. If you get a written agreement, no one can come after you later for the rest, and you paid what was fair for the late bill.

Most lenders offer hardship programs, but these are definitely among the debt cures they don't want you to know about. You may need to call or write repeatedly, but keep asking for a hardship program if you can pay something. Even the most hard-core lender would rather lower the terms than risk a debtor filing bankruptcy, in which case they would get nothing.

Bankruptcy is the lender's worst nightmare, and definitely one of the ultimate debt cures they don't want you to know about. While bankruptcy is serious and not to be undertaken lightly, the truth is it may be your only choice to get peace in your life and avoid being sued by bill collectors. This legal remedy to consumer debt has a number of legal rules and consequences.Always remember that there is no longer such a place as debtor's prison and no matter what you decide, you will be fine practicing debt cures they don't want you to know about.