Ways to Deal With Debt Collection For Australians
Ways to Deal With Debt Collection For Australians
Over the years, Australians have learned to rely on credit cards. But according to recent data of the Reserve Bank, in November last year, Australians spent $20 billion on credit cards. This would have been unalarming if not for the booming number of debt collectors this year. As per the figures of Prushka debt collection agency, they have had a 25% increase in turnovers of overdue accounts.
This goes without saying that Australians are falling behind payments. It is also concluding that many are on the verge of debt and indefinitely bad credit ratings. Although debt is nothing new to Australians, many are probably neophytes in dealing with debt collection. So to ease the tension, here are some tips.
Debtors have the right to be respected and protected against harrassment and ill-mannered collections. Despite their insurmountable figure of debt, debt collectors are required to treat and ask debtors with respect. So if any Australian or their family experiences such ill-bred conduct, they have the right to seek rightful assistance.
Although debt collectors are all for collecting overdue debts, they aren't as avaricous as others may perceive. The thought of a debt collector generally makes an individual in debt cringe. Eventually this leads to hesitation to negotiate.
People who are stone-broke are better off negotiating for a viable deal. They can ask for less-stringent and cheaper payment terms. In addition, they can also re-negotiate should the former deal become too much to handle. But of course, this is only deserved by those who lost their jobs or have other financial woes. Intentionally negligent debtors are better off changing their financial habits and making diligent payments.
Letting debt sit on debt collection's care only accrues higher interest rates. Furthermore, this may also lead to repossession of assets. So to finally cease from dealing with debt collectors, Australians must get out of debt as soon as possible. The best way to do this is through diligent payment and judicious spending.
Dealings with debt collection can be done through phonecalls or personal visits. Therefore whatever is arranged through these talks, Australians must ask for in writing.
The rise in number of debt collectors is indeed alarming. But it doesn't have to continue if Australians become aware of the things involved first-hand. More collectors means more overdue debt so Australians must be concious of credit card spendings. As early as now, they must charge only what they can afford to pay, live judiciously and pay on time.
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