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So what does a Credit Card Holder do after they default on a their cards? Keep reading today’s article as Debt Warriors provide 3 easy steps to decrease stress after Credit Card Default. Thanks for stopping by.
With the economy in turmoil, more Americans than ever before are missing payments (“defaulting”). The reasons for Credit Card Default among Consumers range from; Job-loss, medical expenses, divorce, and dozens of other valid reasons. There are also the tricky tactics of Credit Card Companies that drive Consumers into default.
What Can A Credit Card Holder Do After Default?
1. Be prepared – never scared.
Part of being prepared is ‘worrying it to death’. Ask “what is the worst that can happen”? Here are some answers to that question.
A. The Credit Card Company will first send the account to their internal collections department. Please be aware that Credit Card Company collections personnel are not the most pleasant people to deal with.
B. The collections department will call to collect the past-due balance. To minimize the stress of collection calls get a call blocking service that requires callers to leave a voice message.
C. After a few months of non-collection the Credit Card Company will give up and charge-off the debt on the account to get the tax write-off.
D. After the Charge-off the Credit Card Company may assign the account to an external (3rd Party Debt Collector). After a certain amount of failed collection attempts the account may be returned to the Credit Card Company to decide what should be done.
E. After the account is returned to the Credit Card Company, the debt may be sold to another 3rd Party Debt Collector. At this point the Original Creditor (1st Party) no longer owns the Debt. At this point the Credit Card Holder is in a great position to settle the Debt. We teach Consumers how to settle their Debt for pennies on the dollar in the Debt Warriors Arsenal.
F. The Credit Card Company may assign the Debt to a Debt Collection Law Firm. At this point it’s best for the Consumer to consult with an Attorney.
If the Consumer can afford to, it’s best to retain an Attorney. Debt Warriors are Independent Pre-Paid Legal Inc. Associates. We help Consumers find Attorney’s in their State to help protect Consumers from harassing phone calls and threats from Debt Collection Attorneys.
2. Don’t Fail To Communicate In Writing.
There’s an old song that plays on the radio that says, “it don’t mean nothing, until you sign it on the dotted line”. After defaulting on Credit Cards, millions of Consumers call their Creditors and make threats or offers to settle the Debt. Many reasonable offers are rejected by the 1st Party Creditor.
Often the Consumer has no way of proving that they tried to work out a solution with the Credit Card Company. For this reason, it’s important to communicate in writing with the Credit Card Company.
Communicating in writing can greatly reduce the stress that comes with increased collection calls. Communicating in writing can also aid in protecting the Credit Card Holders Rights if the situation goes legal.
3. Don’t Be Hesitant To Settle.
People often ask, “can I settle a Debt that is not in collections”? Short answer: Yes! But please be advised that there are secret key-words, that the Creditor and or Debt Collector will not tell Credit Card Holders. These secret words can save Credit Card Holders hundreds to thousands of dollars.
The key is in knowing those words and using them when the time is right. Another aspect is the budgeting. Many Credit Card Holders don’t have the funds to file Bankruptcy, and many don’t have the money to settle right now. That can be stressful all in in itself.
To review, Credit Card Holders can do the following after Defaulting; 1. worry the problem to death, 2. communicate with the Creditors and earn respect and 3. eventually settle the Debt on the account, with a lot less stress 
