Be sure to read through my article about handling collection calls and how to use technology to limit your exposure to them. In the early stages of credit card collection, there aren’t many teeth behind the debt collector bark.Repeated collection calls and letters from your bank are about the only tool available to the collector (other than suing you in court), in order to get you to make a payment.Posting a basic outline of your credit card balances and who you owe in the comments below will help you get specific feedback about prioritizing your accounts.
There are often customizations you can build into your debt settlement strategy that will better suit your situation, or the outcome you want to reach.There is no proof you cannot pay until you actually haven’t paid.Which brings me to some housekeeping: I cannot instruct you to stop paying your debts. Most of you reading often had, or have, no choice in the matter.Banks have the option of accepting less than what you owe before they fully mark down your account as a loss. You may be in a position to settle more than one account prior to charge-off.When banks charge off a debt (account for the loss), they will typically do one of three things with your account: Credit card banks will, on average, lose less by collecting what they can from you before they drop your account into one of the three collection buckets mentioned above. There will often be a specific design to which accounts I identify as the first, second, and third priority.