In today's economy, the average American carries about $17,000 in credit card debt. Although this doesn't seem like a lot, most people have a tough time making those payments. Most credit cards today carry interest rates between 18% and 24%. With these high rates it is no wonder that people can barely make the minimum payment. In the last few years it seems that more people spend more than they make, using their credit cards as additional income. The problem begins when the debtor either maxes out their credit card or the credit card company reduces the available amount of credit on the account. Now they're expecting the debtor to pay the balance down with no availability of using the card. At this point, it would be a good time for the debtor to consult with a bankruptcy attorney. But in most cases, individuals try and hide to avoid the debt collectors.
Trying to hide from a debt collector, in this technology era, is like trying to hide from the sun. If you are trying to avoid debt collection it would be wise to avoid all social media sites like Twitter and Facebook. Debt collectors use all forms of technology to find people that are running from their debts. If you can find an old high school friend that you haven't seen in 25 years, how hard do you think it would be for a collection company to find you on a personal loan that you took out two years ago. Many debtors that are planning on filing for bankruptcy find themselves in a position of having to wait to file. After consulting with a bankruptcy attorney, the attorney might find that if you wait a couple of months you will qualify for Chapter 7 bankruptcy. If you are already behind a few months on your bills, the creditors will be starting to get very aggressive attempting to collect the debt.
Living in the technology world sure makes your life a lot easier. But when you're trying to keep a low profile the last thing you want to do is update your Facebook page. Bill collectors can even attempt to contact your friends to ask for a forwarding number. It doesn't sound right, but it's lawful for creditors to contact third parties in an attempt to find you. This creates an embarrassing situation, especially if you don't want your family and friends to know that you are filing for bankruptcy.
With technology and social networking becoming an integral part of life, it is becoming extremely hard to hide from a creditor. In reality, it's not such a bad thing to confront your debt and work out a way to pay it. If there is no way to resolve the financial problems then filing for bankruptcy will have to be the solution. Sometimes, the debt collectors help force the debtor's hand by their aggressive tactics ending up with the debtor filing for bankruptcy. Timing is everything, when it comes to a bankruptcy filing. If you are having financial trouble, consult a bankruptcy attorney to see if it will help you get on the road to financial recovery.
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