Credit is a tool. It allows people to obtain products and services which they would otherwise not be able to afford or obtain. When used carefully and prudently, it can be extremely effective in increasing the quality of life for millions of people and families. When misused, credit can become a giant albatross around a person’s neck making life nothing short of pure hell.
It is important to remember that when you sign the documents enabling you to receive credit you are making a promise to the creditor to repay them on the terms and conditions set by the creditor. Whether these terms and conditions are “fair” is irrelevant, so long as they are legal.
As you sift through the information contained in the articles following, you will detect an obvious bias towards (more accurately "against") creditors and lenders alike. In my opinion, companies use credit to improve their own bottom line. There is nothing whatsover wrong with that. Problems begin when credit policies and practices are used irrespective of the resulting damage and effects frequently imposed on individual customers, the debtor.
This does not change the fact however that in addition to contractual obligations, which were voluntarily entered into, you also have specific rights. Creditors have specific rights and obligations as well. It is my opinion that the credit industry would very much prefer that people do not know their rights or understand the requirements that creditors are obligated to follow when conducting their business.
Nothing in the following information should be construed as condoning any person refusing to meet contractual obligations. It is specifically recommended that you research your rights and obligations independently. It is recommend that all people ensure their actions are within the law.
We would all be advised to demand creditors conduct their activities within the law. When people find themselves on the receiving end of collections activities, the experience is usually most unpleasant. Creditors and collection agents typically start out being friendly and appearing helpful, gradually becoming increasingly abusive, confrontational and downright nasty. Many of their activities, although very unpleasant, are legal even when the moral and ethical status may be somewhat uncertain, or worse. Some actions of many debt collection companies and collectors are blatantly illegal. If you have no idea of what rights and obligations exist how can you protect yourself against those that can easily be described as predatorial bottom feeders?
