Debt

Debt: The American Way. Some Even Joke it's "Un-American" not to be in Debt!

Somewhere along the way, the lessons of the Great Depression seem to have been lost. Americans that grew up in that era and for a number of years following it learned to live frugally and not borrow money. Cash was "king". Time has changed and Americans today have more consumer debt than at any other time…in fact at least sixty percent of Americans are in debt beyond what they can actually afford. That means that they've overextended their credit and are having problems paying their bills. In some parts of the country, personal bankruptcies are commonplace as is living from paycheck-to-paycheck with no emergency fund.

Although we certainly need to take responsibility for our own financial dealings, it's also true that credit card companies have influenced the huge surge in debt in the US. The credit card issuers continually hit us with offers with the "lowest" interest rates and most "cash back and other rewards". We're told that there will be no interest for transferring other balances to their card for 6 to 12 months, the overall interest will be the lowest possible, and that we can have every item that we ever wanted - free airline tickets, hotel stays, cash back and other great rewards. Noticeably absent from their marketing is the part that we are in fact borrowing their money and that we will soon be heavily in debt if we don't use caution.

When we take on more debt than we can afford, we risk being hounded by debt collectors. This is an unpleasant experience, dreaded by many. It causes enough anxiety that the person owing money is soon afraid to answer the phone. Just as the Federal Trade Commission (FTC) has made it possible for us to view our credit reports annually for free, they have also made some rules regarding debt collection. Some of the things a collection agency cannot do are:

• Tell you that you're a criminal;
• Pretend to be attorneys or someone else they're not;
• Threaten you in any way;
• Use profanity or other abusive language;
• Say that something they're sending you is a legal paper if it's not;
• Say that something they're sending you isn't a legal paper if it is; and
• Give your name and information to anyone other than a bona fide credit reporting agency.

In order to avoid what feels like harassment from collection agencies, the best approach is to stay out of debt. Of course most of us need to take out a mortgage when we buy a house or a car loan when we buy an automobile, but for smaller items we would do much better to pay cash or pay our monthly credit card balances in full. If we're trying to establish credit for one of those big purchases, we should have one or two credit cards and only charge what we can pay each month. We may also take out a small bank loan and pay it off early (check first to make sure there is no penalty for early payoff).

To find a debt consolidation specialist who can aid you in developing a personal debt solution, fill out and submit the form found on this page. We can help ease the burden of your debt and help you begin building a healthy financial future.

Other Articles:
Avoid Bankruptcy,   Bad Debt Loan,   Bad Debt Loans,   Bankrupt,   Bankruptcy,   Bill Consolidation,   Best Debt Consolidation Companies,   Christian Debt Consolidation,   Christian Debt Counseling,   California Debt Consolidation Information,   California Debt Consolidation Loans,   Consolidate Credit Card Debt,   Consumer Credit Counseling,   Consumer Credit Debt Consolidation,   Consumer Debt Consolidation,   Credit Counseling Debt Consolidation,   Credit Debt Consolidation,   Debt,   Debt and Bill Consolidation,   Debt Consolidation Advice,   Debt Consolidation Agencies,   Debt Consolidation Companies,   Debt Consolidation Counseling,   Debt Consolidation Credit Cards,   Debt Consolidation Credit Counseling,   Debt Consolidation Debt Settlement,   Debt Consolidation Home Loans,   Debt Consolidation Lenders Online,   Debt Consolidation Management,   Debt Consolidation Mortgage Loan,   Debt Consolidation Mortgage Refinance Loans,   Debt Consolidation Online,   Debt Consolidation Services,   Debt Elimination Services,   Debt Loan,   Debt Management Credit Counseling,   Debt Problems,   Eliminate Debt,   Equity Line Of Credit,   Equity Loan,   Free Debt Consolidation Quotes,   Non-Profit Debt Consolidation,   Online Debt Consolidation,   Personal Debt Consolidation Loan,   Secured Debt Consolidation,   Student Debt Consolidation,   Student Loan Consolidation ,   Student Loan Consolidation Rates,   Student Loan Debt Consolidation