Are you struggling with student loan debt? You’re not alone. Over 40 million people in the U.S. are in the same predicament.
You thought you were doing the right thing. You went to school, worked hard, graduated and now you can’t find a decent-paying job. Or any job, for that matter.
You knew full well that you’d have to pay back your student loans, and you were more than happy to do so. But at the same time, you thought your “higher education” would land you a better job than warehouse work or telemarketing.
When your student loans come due, the banks (or government) really don’t care that you can’t find a job that pays well. They want their money. Period. End of story.
Student loan debt is a way bigger problem than most people realize. It’s actually an epidemic. Right now there’s more student loan debt than credit card debt. The only category of debt that exceeds student loan debt is home loans.
Let’s look at some facts regarding student loan debt, some common myths, what can happen if you don’t pay your student loans and where to get help.
You’re in debt. You know it. You need answers. You need a plan.
The credit card companies want their money and they’re going to come calling shortly, if they haven’t already.
By now you’ve probably been on the Internet for days or even weeks looking for the solution to your existing credit card predicament. You discovered there are only a handful of viable solutions, and all of the data appears to lead back to one of the following options.
I bet I know what your first question is.
How did I get into this credit card mess?
Don’t be too hard on yourself, though. Credit card debt problems can affect anyone. Young or old. Male or female. Gay or straight. PhD or high school grad. Working or retired. Married or single. It doesn’t matter. Debt problems do not discriminate.
Sure, it would be nice to win the lottery and pay off all your debts by noon tomorrow. But we both know that’s probably not going to happen. Your financial challenges are not just going to magically disappear. You’re going to need to take corrective action.
The good news is that you have options. The bad news is that you have a limited number of options.
Credit card debt settlement could be one of those options. But fair warning, it’s not for everyone.
Here are answers to 14 questions that will help you determine, once and for all, whether or not debt settlement is the right option for you.
It certainly isn’t a secret to anyone around here that Michigan has been one of the hardest states hit by the economic downturn over the last few years. Many Michigan consumers are struggling to get out of debt and turn things around financially. They instinctively know that continuing to make high interest rate credit card payments is just going to hinder their ability to climb back out of a financial hole.
Researching online for help from local debt relief professionals that actually understand what Michigan consumers are dealing with is an important first step for consumers struggling to keep up on their bills. I recently did a Google search for Michigan Debt Consolidation and I was surprised that nobody on the first page offering help was even located in the State of Michigan. They were all national companies, some of them even masquerading as local companies but were actually located in a different state.
Zwicker & Associates – Some Things You Should Know
If you’ve received a letter from Zwicker and Associates PC, there’s a pretty good chance that a credit card company is thinking about suing you for an unpaid bill – probably American Express, Discover or Chase.
So, what should you do now?
The last thing you want to do is ignore them because the situation is likely to escalate and get worse. Don’t panic however, because there are solutions.
Are you receiving calls and/or letters from NCO Financial Systems due to a past due debt? If so, you may have found some very disturbing news on the Internet regarding NCO Financial and its employees.
Fortunately, not all bill collectors at NCO Financial are “bad guys”, but if you happen to have been reached by a rude bill collector your best bet is to simply not deal with this individual. The federal government has in place the Fair Debt Collection Practices Act (FDCPA), designed to protect consumers from harassing bill collectors, and you have the right to notify NCO Financial Systems that you would like all further correspondence to be in written form only. This will ensure that you discontinue receiving calls from NCO.
Encore Receivable Management Inc – What You Need To Know
Encore Receivable Management Inc is a collection agency, which is headquartered in Olathe, Kansas. If you’re receiving calls from Encore Receivable Management, it’s probably because you have a past due credit account which was assigned to their office for collection.
Our company has had several years of dealing with Encore Receivable Management, and I can tell you that they have been known, on occasion to violate the Fair Debt Collection Practices Act (FDCPA). However, once their compliance department learns of any violation of the FDCPA, the situation is immediately rectified, and all violations are discontinued. If you believe that Encore Receivable Management has violated the FDCPA and have a complaint, I suggest contacting their Compliance Department right away. Read more
If you’ve been receiving communications from the law firm of Frederick J. Hanna & Associates, there’s a pretty good chance that you have a past due debt hanging over your head, and your account ended up with this law firm for the purpose of collection. So, what should you do?
First, don’t panic. Even though this account will likely end up as a debt collection lawsuit if you do not take steps to address it, you still have time to work something out.
United Recovery Systems Complaints – Too Many To Count
Quite honestly, we at Donaldson Williams have negotiated thousands of settlements for our clients, and we used to do so frequently with United Recovery Systems. However, in recent years we have decided to stop working with United Recovery Systems. Reason being, they apparently decided to choose intimidating and belittling consumers, rather than amicably reaching settlement agreements for outstanding debts with professional and ethical companies.