Many people have the experience today of feeling stressed and overwhelmed by their financial situation. The aim of this site is to provide information about financial matters, in straightforward language. It will cover topics from settling credit card debt to finding ways for kids to make money.
Sometimes it seems that the money world uses a foreign language, remote from the everyday world where people run up debt, and then have to work out whether a consolidation loan is a good idea, or would debt resettlement be possible, or what about refinance consolidation? What if you have run into difficulty with pay day loan debt?
These terms are offputting, but they do relate to real people and their real situation in terms of money.
Then again, many arguments between couples are about money, and how to handle it. It is such a deeply personal subject, and one that we are still reluctant to talk about and yet it can eat away at our relationships.
So the better we understand the practical workings of money, the more we feel empowered to make good money decisions. Many of us grew up with the idea that money was someone else’s problem or responsibility, someone else would look after it, and with the credit crunch is coming a new realization that this is not the case.
If you are in a very tight financial corner, you may feel so stressed that you cannot think straight. The very first thing to do is to stop allowing your thoughts to run wild. It is very unlikely that you will end up in jail for non payment of debt. Find a way to relax, stop the feelings of panic, and devise your action plan.
How much do you owe, and to whom? What is the most important debt to take care of? What is the relevance of the Fair Debt Collection Practices Act for you?
It may be necessary by taking the very long view. Life is never static, and this stressful time is not going to last for ever.
The Fair Debt Collection Practices Act lays down guidelines for debt collection Agencies. It stipulates for example the the consumer should not be telephoned before 8 am, after 9pm. The debt collector should not use stationery or any markings which show that he is a debt collector. And if you decide that you cannot, or will not pay the debt, you can write to the debt collector to tell him to stop contacting you.
They may then contact you only to tell you what action they propose to take, but cannot continue with telephone calls. It is well worth checking out exactly what your rights are. Remember that even if you are in debt, it does not mean that you are "worthless" as a person. The issue of the debt has to be addressed, but there is never a time when it is acceptable for you to be bullied or abused by a debt collector.
