Credit card video: Debt collectors now more willing to deal

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By CreditCards.com staff

Debt collectors now more willing to use payment arrangements

Are you drowning in debt with credit card and other bills? There are new developments in the debt collection industry you should know about.

I’m Connie Prater, Senior Writer at CreditCards.com

Debt collectors say more consumers than ever are drowning in debt. And when it comes to collecting on those bills, they’re having difficulty. Job losses, and the slow economy, are making it more difficult to collect on bad debt. However, debt collectors are more willing to work out a payment arrangement. Instead of collecting the full amount all at once, many will accept smaller amounts or installment payments, so talk to the debt collectors.

Also, debt collectors are more willing to sue -- file lawsuits against you -- to collect on that debt. So be aware, and remember, you must face your financial obligations.

For CreditCards.com, I’m Connie Prater, Senior Writer. For more information, go to CreditCards.com/News.

You'd think that debt collection would be booming these days, but even debt collectors are having trouble. They're more willing to cut deals, accept alternate payment plans.

Published: March 11, 2009

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