Debt is that universal word that rings a bell of alarm for everyone who hears it. In the U.S. such alarm bells are pretty common as most people are in debt due to extreme usage of credit cards. Most find it difficult to deal with the multiple bills as they have to keep track of the billing cycles at different times in a month and make sure to pay at least the minimum amount due on that card every month. In such cases you can opt for bill consolidation to manage your debts properly.
What are the debt laws that can help you?
Usually when you are not on time in making payments on your bills, your account goes to debt collectors. In such cases you should know how to deal with debt collectors. You should remember that there are many practices that are off limits for debts collectors. They are not allowed to harass, abuse, or oppress you in any form or any other third parties that they contact. The practices they are forbidden from taking up include:
-Use threats of violence to harm you
-Publish a list of names of people publicly who refuse to pay their debts, although they can give these names to the credit reporting companies.
-Use language that is obscene or profane.
-Use the phone in a repeated manner to annoy you.
-Claim falsely that they are government representatives or attorneys.
-Provide you with any false statement such as saying the forms they send are legal if they are not and vice versa.
What is bill consolidation?
Bill consolidation is a process by which you can merge your multiple credit card bills into a single one. Bill consolidation can be done by taking help from a professional consolidation company or on your own. Whichever method you adopt the results will be similar. In this process either a negotiator from the consolidation company negotiates with your creditors to lower the interest rates on your existing debts or you take out a new bigger loan at lower interest rate to pay back all your smaller loans. In this way you are able to reduce the interest rate on your debts and thus have to make lower payments per month. Also you can make payments every month to your negotiator who will distribute the amount amongst your various creditors. You are then able to make one payment every month to pay off your various debts.
Thus, you can avoid debt collectors by bill consolidation and make your debt payback process a lot easier and hassle free.