Dealing With Debt: Face It or Face The Consequences

Not being able to afford things is becoming very common in our world today. Money is the driving force behind what we do on a daily basis. We go to work to make money so we can pay our bills and enjoy life comfortably. Our economy is in the toughest situation it has been in since the Great Depression, and there are so many people who are struggling financially and just cannot seem to catch up on their bills, resulting in a lot of debt.

Being in debt is no fun for anybody, your credit score is drastically affected, and you usually are very stressed out about the debt. When you are in debt, the money you owe belongs to someone else, which is why you are likely to receive collection agency calls.

Not being able to pay your bills can be very stressful for someone to deal with. It is a scary situation when you cannot seem to climb out of the hole no matter how hard you try. Unfortunately debt just cannot be erased; money owed by one person is someone else’s money.

Collection Agencies Will Come!

If you find yourself deep in the hole and you are not able to pay your bills, a collection agency may be called in to find you and retrieve the money you owe. The information you put on your loan forms is likely to be the information the collection agency will use to contact you.

Once a collection agency is hired they begin their process to try to track down a debtor, their process is usually the same for every case. They begin with an initial letter stating that they are a debt collection agency hired by the business that the debtor owes money to, the letter also serves as a friendly reminder to them about the money that they owe. If the person responds quickly and begins their payments then the next letter is a gentle letter thanking them for their cooperation.

If the letter is ignored another letter is sent, this one is more threatening and usually provides the debtor an ultimatum. If these letters are not enough to have forced the debtor to contact the agency then the agency will try to call the debtor. After multiple attempts at a reaching them via phone calls the agency will begin to use their outside resources like Facebook and other social media sites to try to get more information on the debtor.

Debt Collectors LOVE Social Media :-)

social mediaSocial media sites have become immensely popular over the past few years. These sites have even become useful resources to debt collectors. Since Facebook has over 900 million users and counting it is becoming more and more likely that the person that an agency is attempting to contact has a Facebook page, that could possibly display some personal information that would help an agency track down the debtor they were hired to find.

With social media sites now being used as a resource it is becoming very hard to run from the debt collector. Your debt is going to haunt you until you begin to pay it off so it is important to cooperate with a debt collection agency to pay off your debt as quickly as possible.

Collection agencies are usually hired by businesses to retrieve money that they are owed to them. When a collection agency is hired they are assigned an account and it becomes their responsibility to track down the debtor, retrieve the money owed and return it to the business that it is owed too.

There are collection agencies all over the place and some specialize in big accounts and others specialize in small accounts. Then there are also agencies that will take on any account.

A life consumed by debt definitely SUCKS! It’s best to deal with it head on and get rid of irritating debt as soon as possible – or be prepared for it to haunt you for the rest of your life.

26 thoughts on “Dealing With Debt: Face It or Face The Consequences

  1. This is a very interesting topic. Having an overdue debt is indeed stressful. If you know that you have an obligation and you are not prioritizing it, you will end up losing your peace of mind. Everything, and I mean everything, in your life will be affected. Protect your name, act responsibly and face the problem. Running away from it will just make your problem even bigger.

  2. I agree to this blog to a certain extent. The agency workers can go to any extent to find their debtors but facebook is not that reliable for it. People have privacy settings, they don’t share their personal information with anyone sometimes. I am aware of the fact that social media has a very vast reach today, 95% of the educated population is on social media, but the people who are not educated enough what about them? Still there are people who are not educated or do not know how to use electronics to be able to access internet for facebook and other social media sites. What to do about them?

    And also the people who have fake accounts, people who gave fake details even if there name is right, etc. What about these types of people?
    Agency people will go and get there money by hook or by crook, But is the source of information really reliable? Is anyone sure that all these Agency workers have a 100% result in their work?

  3. Wow, being in debt could be quite embarrasing, it is best you deal with the debt by paying it off and save yourself the embarrasment and trouble intsead of hiding.

  4. I might of been a little neive but, I did not know that debt collector’s surf the facebook pages and other social media sites to find the people who owe money to others. It is bad out there as the article states; just like the depression era. I for one know of a time or two that I had to tighten the purse strings to make it from one check to the next. I don’t want to live with debt hanging over my head.

  5. The best way to manage your debt is to make sure you don’t have any in the first place. I think this is something that people today must realize. A lot of today’s consumers are so plastic-driven. They see something they fancy, they swipe their cards. Need to buy something else? Swipe the card. I think it is this irresponsible and indiscriminate use of the credit card that is causing all of these problems. The issue? DISCIPLINE!

    1. Great point jnb! The use of that almighty plastic takes great discipline. Many people just don’t look at it as real money; hence, they fail to pay it back on time – or not at all. Credit is not a game. Mismanage it and it can ruin your life!

  6. I agree with this blog that it is very stressful to not be able to pay the bills. It is best to deal with the annoying debt the soonest possible or else be haunted even on social media.

  7. Debt collectors are motivated lot and they work very hard and sincerely to earn their hefty commissions. The debtors have to make sure the debt EMIs are cleared regularly. Telephone numbers are greatly relied upon. Smart cookies furnish false information and it may not be reliable way of tracking debtors.

  8. You say that debt collectors use Facebook to find the debtors. How would they do this if you have a different name on Facebook? Also can debt collectors from banks find you through other family members? Would they contact them?

    1. Well truth is that many people use their full identify on FB and other social media. I don’t think that’s wise, but oh well to each his own. And even if you use a different name it may make it harder, but it’s still possible for debt collectors (or anyone for that matter) to track you down once you put yourself out there.

      And yes, debt collectors will contact family, friends and even your pet hamster to track you down if they can! And you better believe that anyone that you put down as a reference on a creditor application, they will contact!

  9. Debt is overwhelming and once the debt begins, it only seems to grow if it is not tackled head on with a strong desire and will to eliminate the debt. Too many times the debt becomes overwhelming very fast and the collection agencies are calling before one even realizes they have a debt problem.

  10. Managing my debt is foremost important for me. I cannot afford to be in the scenario where collection agents are behind me. I must make my loan equal before that situation arises. Many a times these collecting agencies work in ruthless manner. It’s better not to give them any chance to be tracking onto you.

  11. Very true. Nothing is more depressing than the debt. It lowers your self-confidence and hampers your work and mental state enormously. And more when recovery agencies are chasing you in office and at home. Social media is a new addition to this. It’s really hard to face this challenge. It’s better to keep the debt away than to enjoy life with huge debts on head.

  12. People are aware of the electronic foot prints they leave everywhere, it is unavoidable. The smart ones use fake names and contact info on social media sites. Even the date of birth is fake. Debt collectors follow up for a period of 7 years, after which they slack off.

    1. Yeah fakes names and other personal details might just keep a person in debt in the shadows. But the last thing I would do if debt collectors were after me is plaster my face on social media…just doesn’t seem wise to me. Plus technology is advancing so much that there is IP tracking, device fingerprinting, GPS, facial recognition and all types of ways to track people down if they really wanted to take things that far. It’s a whole new day & age.

  13. What a wonderful intro, definitely an attention grabber, and the social media point is something I’d not thought of before. Very good points to keep yourself out of debt!

  14. Collecting agencies really use technology to their advantage. Social media sites are good providers of personal information and is very useful for hunting down individuals who have ran away from their debts. It would be best to communicate with these agencies to lessen the risk of piling up offenses!

  15. I couldn’t agree more with this line: “A life consumed by debt definitely SUCKS!”. True enough that after working your ass off you were just able to pay your debts, not your basic necessities. However, if in debt, debt collectors should not be taken ill. At the end of the day, they are just doing their jobs. If you have debts, it is an obligation to pay, because when you needed a helping hand, lending firms where there to provide you enough for your needs.

    1. Yeah Jean you’re right they just want their money. But some of them can get very ruthless and out of hand trying to collect!

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