Welcome! Login | Register
 

Weather Service Issues Warning for Icy Roads in Worcester—Weather Service Issues Warning for Icy Roads in…

NEW: Hogan’s 2 Touchdowns, 180 Receiving Yards Lead Patriots to Super Bowl LI—NEW: Hogan's 2 Touchdowns, 180 Receiving Yards Lead…

“The Sunday Political Brunch”—January 22, 2017—“The Sunday Political Brunch” -- January 22, 2017

Monfredo: Students Express Their Thoughts at MLK Jr. Ceremonies—Monfredo: Students Express Their Thoughts at MLK Jr.…

What to Watch For: Steelers vs Patriots - AFC Championship—What to Watch For: Steelers vs Patriots -…

PHOTO: Brady Attends Son’s Hockey Tournament Day Before AFC Championship—PHOTO: Brady Attends Son's Hockey Tournament Day Before…

Health Foundation of Central MA Names Becker, Dimitri as New Directors—Health Foundation of Central MA Names Becker, Dimitri…

Gov. Baker Plans to File $4 Million for Community Compact Grants—Gov. Baker Plans to File $4 Million for…

Fit For Life: Germophobia & Etiquette in the Gym—Fit For Life: Germophobia & Etiquette in the…

The 20 Biggest Wins In Patriots History—The 20 Biggest Wins In Patriots History

 
 

Keys to Surviving Credit Card Debt

Tuesday, July 10, 2012

 

Credit card debt is a growing problem for many, but Mel Thompson tells you all you need to know in the Credit Card Debt Survival Guide.

Thompson knows the ropes from his experiences in overcoming $65,000 in credit card debt. In his battle against collectors and attorneys, Thompson learned a great deal and is willing to pass on his knowledge.

“The key to putting your credit card debt behind you is learning how to respond in writing to debt collectors and collection attorneys,” said Thompson, who wrote the Guide. “I overcame $65,000 in credit card debt I could not afford to pay by learning how to properly demand documentation from debt collectors and collection attorneys.”

In his survival guide, Thompson explains how nonpayment of unsecured credit card debt without filing bankruptcy can work for consumers. He also provides many links to well-known publications citing the difficulties credit card banks have documenting and accounting for their bad debts.

Thompson says that credit card debt is unsecured debt, which can work to your advantage. Banks write it off after six months of non-payment. They expect a certain percentage of people not to pay.

A $12 billion dollar debt collection industry has grown up around the profit in collecting these junk debts, he explains. These junk debts are usually acquired with no back-up documentation.

“Debt collectors and collection attorneys work on commission. If a savvy consumer properly demands accurate documentation, they will simply move onto the next naïve consumer to make their monthly quota,” said Thompson. “And, if you cannot pay, then debt settlement, debt consolidation or debt management plans will not work for you” he says.

He says that a focus on education is the way to chase away those feelings of hopelessness and financial despair.

Mel Thompson has a degree in English at the University of Massachusetts at Amherst and an M.S. in Communications at Boston University.

 

Related Articles

 

Enjoy this post? Share it with others.

 

X

Stay Connected — Free
Daily Email