Credit Card Nightmare

I remember having a credit cards 8 years ago. I was young back then I just started working roughly for 2 years and at that time I had two credit cards. It was so fun that whenever I see something I want to buy all I got to do is to give my card and that’s it. But little did I know that a credit card is like a double-edge sword. It can make you happy but if you can’t discipline yourself it will eat you alive LOL! I know I am exaggerating but I remember what it feels like to be a victim of debts. Actually, I cannot call myself a victim because I have bought this upon me. Anyway, I got numbers of calls from Collections Company and sometimes it is not enough that you will see a collector in front of your doorstep. My mom was so scared that she called me at work. She said that the guy informed her that they will take some of our stuff at home as payment for my debt. Since I have no idea whether what he’s taking is true, I got scared and I ended up having nightmares. I was too afraid that I ended up looking for information to know how I should deal with this situation. I don’t have enough money to pay my debt because I just started working to another company back then. The harassment that I received from those collections companies are the least thing that I would want to happen to me at the moment. Those are the worst days of my life. I know that nobody goes to jail for not paying credit card debt but then again if you will experience what I have gone through you will surely be having nightmares too. To those people who had the same issue here is my advice.
  • ·        Do not panic. If someone goes to your house, do not let them intimidate you. Ask for that person’s ID and tell them that you will deal the situation with the bank. Although that person will insist that you discuss the issue with him, I suggest that you do not talk to that person but go to the bank.
  • ·        Bank offers amnesty program or options on how you can pay your debt. A debt is a debt so you should pay it. All you have to do is to reach out.
  • ·        In case you do not know, Third Party Collections Company buys cancelled account from bank. So the bank gives your information to them and they will take care of asking the account holder to pay for his/her debt. If you will pay, then the third party collector earns.
  • ·        Again, do not be afraid of the people who will show-up on your doorstep telling you that they will call the police or will go to your Barangay if you will not pay. They will do everything to scare you so you will pay.
  • ·        They can only file a case if you issued a bounced check.
Link to my post on rebuilding your credit. Please click HERE

On top of all those things I said, it is still better to manage how you spend your money. Do not be an impulsive buyer. Do not get a credit card if you do not need it.

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