Now that the annual winter holiday spending purge has passed, our Chicago consumer fraud lawyers recognize that many people may be struggling to manage their debt.
If you’re receiving threatening calls and letters from debt collectors, debt collection attorneys want you to remind you that there are laws in place to prevent debt harassment. If that’s happening, you may qualify for damages.
Debt collectors are required by the Fair Debt Collection Practices Act to employ fair and just business practices.
According to that law, the following are considered a violation:
- Calling before 8 a.m. and after 9 p.m.;
- Contacting you in a way that you have requested not to be contacted;
- Contacting you at work when your employer does not allow it;
- Robocalls are prohibited without your consent.
If you are concerned about managing your debt, here are three steps to consider:
Debt Management Strategy No. 1: Tighten your budget. The number one way that consumers get in over their heads with debt is spending without a budget. It follows that the best way to conquer debt is to tweak your budget to allow for larger payments to creditors, and then stick to that budget.
Debt Management Strategy No. 2: Communicate with creditors. Most can offer you a modified payment plan once they understand your circumstances, but only if you talk to them as opposed to dodging correspondence.
Debt Management Strategy No. 3: Home and car come first. Since mortgages and car loan payments are pegged to these important possessions, these payments should always come before any credit card payments. Even with high debt, you and your family are secure from foreclosure or repossession as long as you responsibly manage these loans.
If you do feel that your rights as a debtor have been violated, please contact Markoff Leinberger online or call our law offices at 1 (877) 905-5161 to schedule an appointment. Our Chicago consumer fraud attorneys accept cases from throughout the Midwest and nationwide.