When talking about debt and debt collectors, most people will talk about the law, the Fair Debt Collection Practices Act. Today I want to talk to you about the emotional impacts of debt. If you are one of the millions of people (1 in 7 Americans) being called and harassed my debt collectors, you know what it feels like when your phone rings or you retrieve your mail. You may experience feelings of anxiety, nervousness or fear. You may imagine the worst case scenario of losing everything you’ve worked for and it’s taking a massive emotional toll on you and your family. The uncertainty of what is going to happen with your debt may lead to sleepless nights. You’re not sure how to navigate the confusing world of debt collection. You don’t know if you should answer the phone or what to say if you do. Having a plan and just a little knowledge can help enormously in bringing some peace to your life. Let’s talk about some of the most common fears in regards to debt collection: Fear: Wage Garnishment. One of the most common fears is wage garnishment, where you may believe the creditor (i.e., a credit card company) can come and take your paycheck for one missed payment. Truth: A company you have a debt with must first sue you and win a judgment against you before they can garnish wages. If they haven’t sued you, they cannot, repeat, cannot garnish your check. Fear: Collection Calls. Every day I hear from people who are being bullied by debt collectors over the phone. They are being called repeatedly at work, at home and on their cell phones. Some people think that they must [...]The post Fear Debt Collectors or Fight Back appeared first on Michigan Consumer Credit Lawyers.
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