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The economy stinks right now. And with the foreclosures that happening all across the country I thought it might be a good idea to post a few helpful tips that may help you keep accounts out of collections.

Credit Cards are typically the first bill set to the side when it comes to the point of finding out where you are going to get the extra money for the new milk prices and you're getting less hours at work, just lost your job, or when things just become too tight.

Call your creditor immediatly. Don't wait for your payment to be late or because your "hoping" something will turn up. Your creditor doesn't understand hope. They understand money and nothing but money. Don't expect them to be compassionate.

You can often defer a credit card payment until the next month. This means while you will not have to make a payment for the month but the intrest will be added on.

You can set up terms with your creditor often allowing to lower your intrest rate with small monthly payment with a series of checks set up on file for managable amounts for 6 - 12 months.

I'll post more later.

Posted: Mon Aug 27, 2007 6:29 am Subject:

That was my post. I somehow got logged out.

Posted: Mon Aug 27, 2007 10:58 am Subject:

Good info to have. Thanks. Smile

Posted: Mon Aug 27, 2007 11:33 am Subject:

Thanks FYI for your helpful post. People like you are scarce in a collection industry. Please do share more of your views so that we feel strong in dealing with the collectors who often tend to break the laws

Posted: Mon Aug 27, 2007 1:32 pm Subject:

Great post FYI! I have also found some cc companies that have dropped my interest completely so I could pay them off. I set up a payment plan with them, they worked with me, and stuck to it.

Alot of times if you tell them that you are in a bad place financially, but want to get it paid off, they will work with you.

Actually, I have had some cc companies be compassionate- they are the ones who worked with me and treated me like a human being- can't say as much for the 3rd party collectors though- haven't had one yet that didn't immediately yell, threaten or be abusive!..KAren

Posted: Mon Aug 27, 2007 2:42 pm Subject:

If you have credit protection and you have loss of employment you can activate that as long as you do not have a past due balance.

Posted: Tue Aug 28, 2007 4:48 am Subject:

FYI this is very good info and thanks for posting it.Creditors can be very willing to work with you,but they don't read minds.You must take responsibility for your actions.

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