Welcome! Login | Register
 

Worcester Police Seek Help in Identifying Two Credit Card Skimmer Suspects—Worcester Police Seek Help in Identifying Two Credit…

Worcester Man Arrested After Robbing “Midway Fashion” Store in Worcester—Worcester Man Arrested After Robbing "Midway Fashion" Store…

Award Winning Author Quinones to Discuss Opioid Epidemic in Worcester—Award Winning Author Quinones to Discuss Opioid Epidemic…

Holy Cross Football to Host Spring Game April 8—Holy Cross Football to Host Spring Game April…

Which New England State is Most Dependent on Federal Funds—Which New England State is Most Dependent on…

Three Men Arrested for Possession of Cocaine, Heroine in Worcester—Three Men Arrested for Possession of Cocaine, Heroine…

Warren Questions Labor Secretary Nominee Acosta Before Confirmation Hearing—Warren Questions Labor Secretary Nominee Acosta Before Confirmation…

Newport Manners & Etiquette: Old Fashioned Etiquette + Manners Revisited—Newport Manners & Etiquette: Old Fashioned Etiquette +…

International Conference on the Holocaust Perpetrators and Justice to be Held at Clark—International Conference on the Holocaust Perpetrators and Justice…

Worcester State Professors Featured in Exhibit at Worcester Center for Crafts—Worcester State Professors Featured in Exhibit at Worcester…

 
 

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