Most borrowers who have ever been behind on even one payment know the misery of receiving one of those infamous debt collection calls – one of those that disrupts your dinner with demands and threats that are quite intimidating to the average consumer.
However, in today’s bizarre economic climate, it seems that a great deal more people are going to be experiencing this unpleasant phenomenon. In fact, recent surveys and studies report that as many as one in twenty credit card accounts in the United States are now delinquent and have fallen behind on their payments considerably. As a result, it will only be a matter of time before they can expect to receive calls of their own.
One of the smartest things you can do if you want to avoid such calls, experts say, is to start dialing the phone first. That’s right – borrowers who bother to get in touch with their lenders first and let them know ahead of time about financial troubles they might be experiencing are much more likely to receive beneficial offers that may help them be able to pay off their debts when they would otherwise not have such an option.
Of course, for those who have already started to get the calls, there are still some things they should be aware of. For instance, experts say that borrowers who receive threatening calls often panic and agree to repayment plans that they simply can’t afford. If you fall into this trap and then once again go into delinquency, your chances of ever receiving a settlement offer again are very slim… and, of course, you’re just increasing your chances of receiving more phone calls.
Moreover, the rise of calls may just suggest that a number of fraudulent debt collection calls intended to cheat you out of private information that could be used to steal your identity may well also begin to happen. Therefore, consumers should be very careful and ask as many questions as possible about any caller that contacts them regarding their finances.
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