How to Stop Collection Calls: Get out of Debt
How to Stop Collection Calls: Get out of Debt
There are many reasons why the majority of American adults find themselves in debt. High levels of unemployment, taking out mortgages they cannot afford, and the fact that many people simply live outside of their means creates high monthly bills that can be hard to manage. When the bills become too much to handle, the stress over finances sets in, and the collection calls start to come. The best way to stop collection calls is to get out of debt once and for all.
Credit cards are a large part of the problem. When used properly, they can be convenient, help people establish credit, and some cards even have incentives such as airline miles or other useful rewards. However, unless you pay them off every month, the interest you pay on the items you charge quickly adds up and you may suddenly find yourself over your head in terms of paying it all back. Once the cards are delinquent and an agency buys the debt, collection harassment begins. The first step in getting out of debt is to stop using credit cards and start paying for things in cash. Eventually, this will stop collection calls too.
The next step is to begin paying off the credit cards. For many people, this means they will have to cut back significantly on their spending. For example, cooking meals at home or packing a lunch for work instead of eating out is much more cost-effective. Another tip is to look at monthly bills such as cable, cell phone bills, and insurance and cut back wherever possible. It may take a while for some people to get used to a change in lifestyle, but saving money to pay off credit card bills will ultimately improve their quality of life once they stop collection calls and remove that stress from their lives.
Once the cards are finally paid off and finances are back in order, it is important to continue to save money as much as possible. Financial experts recommend saving money in an "emergency fund" because any unexpected event divorce, illness, job loss could start the debt cycle all over again. If you are receiving collection calls for debt that you owe, it is important to start implementing these tips immediately. The only way to stop collection calls now and in the future is to pay off the bills and get out of debt completely.
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