Medical debt is one of the biggest driving forces behind bankruptcy filings. Sadly, many people who seek out healthcare don't know the true expense they face given that medical costs and insurance policies are often cloaked in secrecy. Very rarely can an individual obtain an accurate estimate of his or her medical expenses before they are incurred. This often means that while people may be doing what is best for their health, they may be wreaking havoc on their financial future.
Far too many Texans are overwhelmed with debt. Regardless of how they ended up in that position, they don't deserve to be subjected to seemingly endless creditor harassment. Yet, despite valiant efforts by state and federal regulators, many of these debtors are subjected to annoying, and sometimes frightening debt collection practices. This is why those who are struggling with their debt may want to ensure that they are familiar with the protections afforded by the Fair Debt Collection Practices Act. Doing so may end creditor harassment.
It can be scary to face debt collectors. Creditor harassment is real, and it often leaves Texans on the edge of their seat frightened for their financial future. These debt collection practices may involve threats, late night phone calls and even personal visits that are intimidating in nature. The whole debt collection process can be embarrassing, too, especially when others find out about it and an individual continues to struggle to make payments.
Falling behind on debt payments can lead to a cascade of unwanted actions being taken against you. To start, creditors may harass you in an attempt to recoup the debt. Although there are certain laws placing limits on how far these creditors can go in their attempts to collect payment, they often overstep. If that harassment isn't enough, you may also find yourself subject to garnishment, which can really turn your financial well-being upside down.
Creditors can be overzealous in their debt collection practices. Fortunately for consumers, state and federal laws, such as the Fair Debt Collection Practices Act, regulate many of these creditors' aggressive tactics. Yet, creditors often overstep their bounds, leading to harassment. Unfortunately, the debt collection industry is looking to increase its access to consumers by pushing for laws that allow for text and email communications.
Many Texas residents are struggling financially to make ends meet, and, as a result, they may not be able to make their credit card payments every month. Once you fall behind on your payments, it can be difficult to catch up. Meanwhile, you may have creditors bombarding you with phone calls, letters and e-mails. Creditor harassment is against the law, but that doesn't stop many creditors from going to extremes to get their money.
Many families put a lot of extra charges on their credit cards during the holiday season, and it may be difficult for them to pay their credit card bill when the time comes. If you fail to make your credit card payments, the credit card company may eventually sell your account to a collection agency.
When struggling with debt and past due bills, it is important to be familiar with what creditors can do and what they cannot do. Though creditors have rights, it is important for struggling consumers to be aware that creditor harassment is illegal, that they also have important rights and to be familiar with the remedies available to them if they are suffering with creditor harassment.
Tyler residents approaching their golden years would like to be able to look forward to a well-deserved retirement. This time in one's life is meant to be spent enjoying each day as it comes, spending time with family -- perhaps children and grandchildren -- and appreciating a slower, simpler lifestyle. Unfortunately, as many are still carrying significant debt later in life, the question arises as to whether one's Social Security retirement benefits could be garnished by a collection agency.
Tyler residents are fortunate to enjoy the protection of robust laws protecting against unscrupulous efforts to collect debts. When it seems that creditors' rights take precedence over just about any other concern, it is important to understand just what these protections entail, whether at the state level - as we reviewed previously - or at the federal level.