January 2010 | G.Investment |J.Group
The right way to do it!
As we have seen over the last few months the world of finance is
changing at a rapid pace. Programs have been launched to stable off
the rising number of foreclosures and a new law was assigned to
curb abusive practices in the credit card industry. While the
government works to stabilize the housing market and create a fairer
lending system Americans must still overcome significant hurdles
before they fully regain their economic footing.
Just a few years ago when credit was relatively easy to obtain many
Americans were able to make their dream of home ownership a
reality. Unfortunately the recent economic downturn has turned
many of those dreams to nightmares because millions of
homeowners have found themselves dealing with collection agencies
while trying to save their home from foreclosure.
The collection industry is booming however they are not immune to
the laws of other industries. In the first quarter of 2009 credit card
delinquencies reached a record 6 ½ percent, this increase is fueling a
near record of accounts default currently at 7 ½ percent but
projected to continue rising.
There are a few things you should keep in mind if you are contacted
by a collection agency. Most collectors have a very good
understanding of your situation; an experience bill collector will
know that you are stressed probably at least a little scared and that
you want to pay the bill. You will probably discover that collectors
[Volume 1, Issue 1]
fall into one of three categories. The first type is overly aggressive
intimidating and impossible to negotiate with, this type of collector
will attempt to prey on your fears which may very well be
unfounded. The polar opposite of this kind of collector is one who is
polite, persuasive and professional. These collectors will also try to
get you to relax and get your guard down, but you can negotiate
with them. The third group of collecto