—
Worcester, MA 01602, USA – September 21st, 2014 /PressCable/ —
Numerous major print and broadcast media have reported this statistic over the last few weeks. Some have even equated much of the underlying debt with credit card debt. But according to Mel Thompson, credit card debt expert, author of the Credit Card Debt Survival Guide, and editor of creditsabre.com, “those outlets failed to properly explain the source of the study bearing that statistic.”
According to creditcards.com, this was a study of seven million TransUnion credit reports, performed by the Urban Institute, the research arm of Encore Capital Group, one of the nation's largest, if not the largest, junk debt buyer. According to Thompson, the study's headline should be reworded to “35% of Americans Have Old Unpaid Minor Debts.” “If you read through the various analyses of the study, you will see that the total includes many very small old debts of less than $100, says Thompson.” “The unstated fact here is that today there are more than enough debt collectors to go around and dig up something to attempt to collect on,” He adds.
According to Thompson, lack of current employment opportunities has forced some breadwinners to join the ranks of debt collectors to support their families. In addition, easy to access computer records makes it easy for debt collection firms and junk debt buyers to process all these debts through their advanced call centers. Given these facts and with the procreation of junk debt buyers and the increased availability of capital for their multi-million dollar debt purchases, debt collection has become a growth industry.
This means in the end, more people with credit card debt are getting sued in large computer batches of sold-off credit card accounts. These consumers do not know how to properly respond to debt collectors because they are trapped by debtor guilt.
Consequently their accounts move along to collection attorneys who are equipped to turn out large numbers of credit card debt summonses. These attorneys know 90 percent of consumers who owe do not respond to their summonses and become easy prey to default judgments, explains Thompson.
Creditsabre.com has been created to provide the information needed by those consumers with credit card debt they cannot afford to pay. This information dispels the negative assumptions and incorrect perceptions that cause consumers who owe but cannot afford to pay to make poor decisions about their remaining finances.
For consumers in debt, “it is all about knowing how to overcome the intimidation of banks, junk debt buyers, debt collectors and collection attorneys to avoid bankruptcy and succeed with the non-payment of unaffordable, unsecured credit card debt,” Thompson explains.
“They all threaten a credit card debt lawsuit,” says Thompson, but the reality is, he explains, that junk debt buyers and even banks have difficulty actually documenting individual credit card debts to local court standards. Over the past several years, more and more consumers who owe credit card debt have been getting sued for those debts without proper documentation or plaintiff attorney oversight. As a result local and federal judges, The Federal Trade Commission and the Consumer Finance Protection Bureau are stepping in to level the playing field for consumers who owe credit card debt by requiring junk debt buyers and even original creditor banks to provide proper documentation and truthful supporting affidavits, explains Thompson.
Thompson insists it is incumbent on every consumer who owes credit debt they cannot afford to pay to understand they must properly respond in writing to collection notices. “Why should a collection attorney pursue them with a lawsuit, when he can go after the other 90 percent who have not responded to anything and probably will not respond to a summons?” he asks.
Because of the attorney glut in this country the ranks of consumers rights attorneys are growing in the U.S, says Thompson. They are able to help financially strapped consumers who owe at affordable fee levels, he explains.
For more details watch http://youtu.be/BhOsmGD8NCc?list=UU-sKPkLrQWSnYEef…
Creditsabre.com explains all of this in a series of blog posts with links to various credible mainstream websites that back up these explanations. More detailed credit-card-debt information products are also available on the site. In addition consumers can take advantage of the free ebook offered on the website– 3 Simple Steps to Defeat Debt Collectors the Next Time They Call.
Contact Info:
Name: Mel Thompson
Email: creditsabre@gmail.com
Organization: Vision Publishing, Inc.
Website: http://www.creditsabre.com/
Phone: 508-796-5101
Address: 17 Westbrook Rd., Worcester, MA 01602
Release ID: 63695