- Name: Mel
- Surname: Thompson
- Location: USA
- About Me: My Personal Struggle With Credit Card Debt
Not too many years ago, my credit card debt got too high. I reached the point where I could not afford to make the minimum monthly payments. I feared calls from collection agencies and eventual legal action. The future was grim and I was worried about where my life was heading. I needed a solution.
I had suffered financial blows that led to my amassed credit card debt. I was recently divorced, and my business had just experienced a dismal year. There were times when I was forced to choose paying off my credit card debt or paying child support. Of course, child support was always the priority. In desperation, I began using the checks that often came with a credit card account. Since my credit was good and the limits were quite high, I did so without a problem, for a while. Time passed, and I was forced to keep abusing my credit. My credit rating plummeted and the limits on my cards were lowered. I began an inquiry into bankruptcy, but something held me back. I knew that should be reserved for when all else failed.
Left with no other options, I focused on child support and living expenses first. I purposelydid not pay my credit card bills. I feared repercussions. I spent hour upon hour looking into options for someone in my circumstances. In my desperate search for credit card debt relief, I learned many things that gave me hope that I might be able to deal with lawyers and collectors trying to collect my credit card debts.
For one and a half years, I followed a specific plan:
1.I stopped making payments on my credit card bills.
2.I communicated with collectors and junk debt buyers with written letters disputing the debts and asking for documentation. They stopped trying to get in touch with me.
3.As my credit card debts were passed on and sold to other collectors, I stood firm and responded to each of the junk debt buyers with the same letter.
As a result,
1.I was contacted by banks offering me settlements on my debts that were beyond my financial capabilities.
2.I received threats from collectors who informed me that I would be receiving a summons. They told me I would be sued if I did not make good on my debt. I never received the summons.
3.Slightly more than two years after my debt was gone, I applied for a car loan and got it. Bankruptcy would have eliminated any chance for a car loan for a period of ten years.
At this time, I have reached a state where I am back in the black financially, but it took more than a couple of years. I was able to avoid ruin at the hands of debt collectors and their seedy practices. Myhope is to help others out of similar situations.
The path to credit card debt relief is not necessarily simple or easy, but it is possible. Look into my Credit Card Debt Survival Guide and begin your climb to financial solvency.
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