What do you do if the credit card bills keep growing and you are only making the minimum payments?  Is there a way out of this cycle of debt?  Yes.  And it might not include bankruptcy.

Credit card debt is a debt that is hard to get out of because you cannot just sell the property (like a car or a house).  Instead, normally people purchase a lot of small things that do not hold their value.  On top of this, credit cards normally have very high interest rates and are designed so the consumer never really breaks even on the cards.  Instead, they pay it down a little and then just charge more.

One of the dangers of paying off a debt once it is sent to a collection agency is you may be paying off the wrong company. What do I mean by that?  How do you know that American Express (Visa, Mastercard) actually charged off the account to MCO Financial?  Just because someone calls you and knows you owe debt does not mean you owe money to them.  Instead, they may have just printed off a copy of your credit history.  With a little criminal action, someone can know a lot about you.  More than you expect!

How do you combat this criminal activity?  The first step would be to call an attorney at Myers & Eichelberger.  We are committed to helping the consumer not be taken advantage of by the banks.  The second step would be for your attorney to send a cease and desist letter with a validation letter.  This does the job two fold: 1. It tells the creditor that you are represented by an attorney and 2. That you want the debt to be validated or they are not to call you or put anything on your credit.  If they continue to call you, then they can be sued for violating the Federal and/or State Fair Debt Collection.

In conclusion, do not let a debt collector scare you into paying them money  Also, do not just assume that someone calling you is the person you owe the money to. This process is a very inexpensive means of ensuring you do not get ripped off. If you have any questions, call us for a free consultation at 1-888-ME-HELP-YOU.