What Happens When Your Debt Goes to a Collector?

Every situation is different, but the consequences may not be as dire as you fear.

 

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By Geoff Williams

You’re behind on your debt payments – big time – and you know that you should pay what you owe, and that if you don’t, your credit score will tank, and your credit report will signal to lenders that you’re a risky bet.

You know that from here on out, it’ll be harder (or maybe impossible) to get a loan on, well, anything. You also know that ethically you should pay off all of your debts.

But what if you have debt or debts that have gone to a collection agency? In other words, you cannot pay off the debts anytime soon, and the phone is constantly ringing, with debt collectors on the other end? What will actually happen?

Read the Full Article at money.usnews.com >>>>

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Arnaldo Rodgers Posted by on 10:29 am, With 0 Reads, Filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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