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Cridit cuts two ways

by Brian Mercy, staff writer


Amidst their hectic schedules, itís easy for college students to let financial responsibility slip, specifically when using credit cards. While credit cards have advantages such as convenience and the opportunity to build reputable credit, they can also entrap a college student.

If you have buried yourself in credit card debt, and collection agencies are hounding you, you should know your rights under the law. According to The Fair Debt Collection Practices Act, first and foremost, a collection agency must state that they are a collection agency attempting to collect a debt and that any information obtained will be used for that purpose.

A collection agency has five days after initial contact to notify you that you have 30 days to dispute a debt, or any portion thereof. A collection agency may not call you before 8 a.m., or after 9 p.m. in the time zone you reside.

You are not obliged to communicate with a collection agency. Simply hang up the phone, and turn the ringer off. While that may be rude, so is the harassing nature of the collection process. If that fails, inform them in writing that you wish to cease all communication, and they must legally adhere to your request.

The Fair Debt Collection Practices Act does not advocate the avoidance of collection agencies or of oneís financial obligations. Doing so will only provoke a collection agency to work harder and may result in legal action. The best course of action, according to most credit experts, is to effectively communicate to a collection agency your intent to satisfy your )debt(s).

The Fair Debt Collection Practices Act establishes limits on a whole range of collection agency practices. For more information, simply do a Web search.




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