Dealing with Debt

One morning you wake up, make a nice cup of freshly made coffee to go out on your apartment balcony while enjoying a morning cigarette. The day is going well after that but then around Noon sharp there it is, the biggest problem you will face in life, No it's not the wife getting on you about doing the dishes in the sink nor your kids coming home early from school or your roommate eating all the popcorn around, it's a nice little letter from... you guessed it a debt collector.

Debt is something that can happen to anyone at any time in life and when it does pop up on you in life there are a few things you can do about it.

The first step is to Don't panic about the debt, when you panic it's not going to help all that's going to happen is your nerves are going to wreak. so just sit down, take a deep breath and relax. The second step is to verify that the debt is yours and you have a few choices on how you do that. First, check your credit report, you can do that by calling each of the three credit bureaus and request a copy of it or you can use a website called credit karma to check it as well. another choice would be to call the debt collector and request poof of said debt that they are calling to try and collect on. Now that you know a few ways to verify the debt let's talk about your options on how to handle it.

The first option you have is to ignore it, but this option will have consequences for you. It will harm your credit score and there is a chance that the debt will continue to collect interest on it. This option only helps if you are not planning on getting any big loans or making a big purchase in the near future.

The second option involves calling the debt collector to see if you can set up a payment plan or negotiate to pay less, in most cases a debt collector is willing to work with you. You just need to call.

The third option is to pay the debt in full, provided you have the money at the time. I know that with everything going on in the world today that this may not be an option that you can do at this time.

When I was dealing with my debt and I'm still am till today, I made the mistake of panicking like a lot of people do, but I just took a deep breath and did talk to a few people in my family about it. Debt adds a lot of stress to people's lives and we already live in a stress-filled world. After I did talk to my family I knew what I had to do, make a few phone calls to debt collectors at first I thought that they would not accept payments or if they did that the payments would be higher then what I could pay in a month, but when I called them they were very understanding to the situation and they did ask me what I was able to do for a payment plan, I said $60.00 to my surprise they said that will be fine.

Debt collectors don't like having to bug people about the debt they have at the end of the day they have a job they have to do. they are willing to work with you as long as you work with them. Do yourself a favor and call about the debt you owe.

I hope you did find the information here helpful and hope you did enjoy my story on how I'm dealing with my debt.