Many people feel that consumer debt may be the number one threat to the nation's financial security.
This year credit card companies will earn more than 152 billion dollars this year.
Approximately 60 percent of these earnings will come from late fees and penalties.
That is more than 91 billion dollars collected from people who in many cases can least afford it.
Last year credit card companies sent out more than 2 billion credit card offers with many going to people who live below the poverty level.
It is advised that everyone who receives these offers should just throw them away but given human nature they will not.
All of which leads to many family financial crisis's.
Creditors, credit card companies and collection agencies soon are calling these families demanding payment.
Many people are now asking how can we stop debt collection efforts and get these creditors off their backs.
Short of filing for bankruptcy there are several methods that will help stop debt collection.
Make no mistake about it if you used or misused your credit cards other forms of consumer credit to make purchases you do have an obligation to pay the debt.
It is important that you take responsibility for your own debts and really have no one to blame but yourself.
Once you have taken responsibility for your debt you can seek any one of the debt elimination techniques to stop debt collection calls.
If your debt collection calls are a problem you can simply make a request that they no longer contact you about the debt.
This needs to be done both on the phone and in writing.
When you make your request on the phone use the memo or record feature to make a recording of the request.
Be sure to tell the creditor that you are recording the conversation.
Then use the address on the bill collection notice to send a written request that the calls stop.
Be sure to send your request certified mail with a return receipt so that you have proof they have received the notice to stop calling.
According to federal law they must stop calling.
However many collection agencies break the law on a regular basis.
Use your caller ID feature to screen your calls.
When a creditor calls that has been notified to stop calling, use the memo feature on your phone to record the conversation telling them that they are in violation of federal law and the conversation is being recorded.
It should be understood that once you have taken these steps there may be some consequences.
This leaves the collection agency to only option and that is to bring legal action in court to collect the debt.
This is a long process so you should not panic.
Now is the time to find a good debt counselor that will help you develop a debt elimination plan.
Follow the plan and begin to pay off the debt.
You will be surprised that in as little as 3 years you can be totally debt free.
Most debt counselors will use debt negotiation techniques that will reduce your debt levels considerably to a more manageable level.
You will be required to cut up your credit cards and live on a cash basis.
If you need plastic money it should be in the form of a debit card tied to your bank account.
The best way to stop debt collection efforts is to pay off the debt as soon as possible.
You can stop debt collection calls simply by requesting they stop.
However you will still will be responsible for the debt.
Through the use of simple debt elimination techniques you can be debt free in less time than you would possibly believe.