Welcome! Login | Register
 

Angiulo: No Matter Who the Defendant is the Law Remains the Same—In case you haven’t heard, Aaron Hernandez is…

Horowitz: Ted Cruz and the Politics of No—When William F. Buckley launched National Review, in…

Saul Kaplan: Coming To You Live From Everyone—In case you missed it, the next salvo…

Organize + Energize: Spring Cleaning - 10 Things to Get Rid of Now—The weather is changing,

Chambers of Commerce Team Up to Show Off New Cell Site at Wachusett Mountain—Local business leaders, including the Chambers of Commerce…

5 Ways to Simplify Meal Preparation—5 Ways to Simplify Meal Preparation

Smart Benefits: New FMLA Spouse Definition Now In Effect—On February 25, the Department of Labor issued…

No Change From Last Week in MA Gas Prices—Ga prices in Massachusetts remain the same as…

Sharks Roll Falcons 4-1, Win 5th Straight—Sharks beat Falcons 4-1

College Admissions: 5 Admission Factors You Can’t Predict—As the last few colleges release admission decisions…

 
 

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.