According to the 2016 American Household Credit Card Debt Study by NerdWallet, the average household has $134,643 in debt. Debt has continued to increase as cost of living increases. Many Americans rely on credit cards to pay for expenses they can’t necessarily afford.
If you’re in debt, the idea of paying it off probably feels overwhelming and unrealistic. It can be difficult to keep up with minimum payments while managing other everyday expenses. But if you make a long-term plan to pay off your debt and stick with it, you’ll make significant progress toward your goal.
A recent blog post by Madison.com offers step by step tips for paying off credit card debt over time.
Debt Collector Contact
Contact from debt collectors can cause additional stress. But debt collectors don’t always provide accurate information about your debt, and they may resort to unlawful tactics to get you to pay. If any information seems inaccurate, ask that the collector provide Validation or Itemization of the debt.
You also have rights under the Fair Debt Collection Practices Act (FDCPA) that prohibit collectors from using certain tactics. Under the FDCPA, debt collectors are not permitted to:
- Threaten or harass you
- Tell you false information about your debt
- Contact family and friends and disclose information about your debt
- Continue trying to collect from you if you ask them to stop
If a collector violates the FDCPA, you may be able to take legal action. Contact a consumer rights attorney who is experienced in debt collection defense to discuss your options.