How To Get Rid Of High Credit Card Debt - Debt Survival Guide

Are you in trouble with high credit card debt

? Do you feel stressed to the point you don't know which way to turn to get the help that you need? There are several places you can go to get the right information you need to help determine which is the best solution for your situation in resolving credit card debt.

1. Over the last 30 years the credit card industry has grown exponentially and the consumer debt collection business has as well.

2. The Federal Reserve and Business Week report $133.7 billion of consumer debt in 1970 increased to $2.5 trillion of consumer debt in November 2007.

3. According to ACA International, a consumer debt collection trade group, each year debt collectors return more than $40 billion to the U.S. economy.

4. According to data from the U.S. Census Bureau, there were 159 million credit card holders in the United States in 2000, 173 million in 2006.

According to the American Banking Associate, 4.75 percent of bank cards were delinquent in the first quarter of 2009. The point is, there are millions of delinquent credit card accounts to go around to ambitious debt collectors and collection attorneys.

Today, all debt collectors and collection attorneys don't expect to collect from all debtors on their lists. They would consider themselves successful if they collected half of the people they pursue. Their time is money, so why should they waste time to go after an educated consumer that knows how to legally resist credit card debt collectors. Well informed debters understand the process needed to eliminate credit card debt and can handle the attorneys and debt collectors smartly and with resolution.

Bankruptcy is a very difficult experience for anyone to handle. If bankruptcy is filed and issued it remains on the consumers credit report for ten years. A whole decade of poor credit.

In keeping with the Fair Debt Collection Practices Act, debt collectors or collection attorneys initial demand for payment can signal to the collectors that this consumer is educated in debt collection matters and knows his or her rights. Therefore, he or she is not a good candidate to continue to pursue with or without court action.

Debt collectors can threaten a lawsuit. Collection attorney's letterheads can be very scary, but people that take the time to educate themselves properly can motivate agencies and attorneys to focus their energies elsewhere. It's all about the documentation. The consumer needs to respond, in writing, to the collection people so everything is done legally and in a proper manner.

by: Wayne T

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