How to settle bad debts

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 3/27/2003 1:09 pm
If you are being called by a collection agency, this means that your creditor has already turned over your account to a third party for collection. Collection agencies will often demand prompt payment in full of an outstanding balance. If you are unable to pay this amount, you should attempt to work with the creditor directly. You can explain your situation and often work out a payment plan to relieve the debt. Many nonprofit organizations, such as the Consumer Credit Counseling Service, can help you negotiate such payment plans with creditors. They can also help you learn to budget your finances so that you can avoid future debt. In working with your creditors, keep them up to date on your progress. Positive and frequent communication with creditors will often lead to improved relations, lessening the chances of your account being turned over to collection agencies. For more information, contact a personal finance professional in your area.

©2006 Crossroads Mobile. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Featured Segments/Shows

All content © Copyright 2015 Intermountain West Communications, LLC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.