How to Get Rid of Credit Card Debt - Avoid Being Sued For Debt

Being sued for debt is something that we can't afford to not pay any attention to

. If for any reason you have been approached by a letter in the mail then you should take your creditors' letters and any summons request very seriously. Believe me when I say that it will not go away and the problem will only get worse if you choose not to communicate and or not turn up to your court appearance date. So, be strong in this time of trouble and you will get through it.

I hope you have not been to that extreme situation yet and I can encourage you to be better prepared for what is to come. Stay one step ahead by keeping up with the latest news about being sued for debt and to constantly stay aware of new information as it is changing all the time. Being summons into court can be very nerve racking. Don't be embarrassed or scared as in these tough economic times more and more people are being sued. The best thing to do is to prevent this from happening. Make regular payments on bills no matter how small.

When financial problems arise, consumers need to understand the consequences of the different types of debts and how they can be affected if not paid. Below is a brief description of what can happen if either "secured" or "unsecured" debts are not paid.

SECURED DEBTS - Secured debts are backed by collateral. Collateral is property that can be seized in the event the debt goes unpaid. Examples:

Secured credit cards - If you don't pay on your secured credit card the card issuer who has control of your collateral (savings deposit) can seize your savings deposit and suspend your privileges to charge on that card in the future.

Home mortgage - If you should fall behind on your mortgage payments, the mortgage lender can seize your home (foreclosure), leaving you with nothing. All current and future equity accumulated in the property would now belong to the mortgage lender.

Automobile loan - If you should fall behind on your car payments, the bank or financial institution has the right to legally repossess your car without your permission. If the car is repossessed, the car is now the property of the bank or financial institution that holds it's title.

Then there are unsecured debts, so when dealing with unsecured debts, like credit cards, department store cards and medical bills ect... They will not forgive you for any unnecessary car loans or property of any kind as they would expect you to sell the car. Did you know that the creditors are not willing to agree to any large amounts of your common monthly necessities for example, cable, telephone, etc.

I know that there are many reputable credit counselors who do offer a wide range of solutions based on your specific situation. They'll review your finances, advice you about budgeting, and devise a program to help you get out of debt. The offer must be accepted by the majority in number and by not less than two thirds in value of the creditors.

If you've picked some pointers about being sued for debt that you can put into action, then by all means, do so. You won't really be able to gain any benefits from your new knowledge if you don't use it. Get debt help now with our attorney trusted service to eliminate over 55% of your bills by visiting us at the website below!

How to Get Rid of Credit Card Debt - Avoid Being Sued For Debt

By: Conray Nickless

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