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Secrets of debt collectors designed to part you from your money

Are you tired of getting calls from creditors about unpaid debts? Learn some of the insider secrets of the debt collection industry.

-- They assume that you are always lying to them. That's why they push you to make unwise financial decisions in order to pay them off, like pulling money out of a 401(k), running up another credit card or going in debt to family or friends.

-- Your hard luck story isn't unique to them. They may feign sympathy, but to them it's just another HLS.

-- They keep cash flowing back into the financial systems, giving the economy a boost. In one recent year, more than $8 billion was collected from over 10,000 debt collection agencies.

-- The best collectors rack up hefty bonuses that can top $10 grand a month. It's all about the bottom line — nothing personal.

-- They can often settle your debt for much less than the stated total. Usually around 15-35 percent for credit card debt, but these are ranges. It can't hurt to ask for more.

-- They know incredibly personal things about you based on your spending patterns.

-- They might have purchased your debt for very little, even pennies on the dollar. Make a lowball settlement offer and see what happens.

-- Don't buy into the "I have to talk to my manager" line. That's usually just a bored coworker playing a role.

-- You might not have to pay the debt if the statute of limitations has run itself out. But they sure won't tell you that.

If your finances are particularly precarious, you may decide that filing for bankruptcy is in your best interest. Address your concerns with a New Jersey bankruptcy attorney.

Source: Reader's Digest, "13 Secrets Debt Collectors Won’t Tell You," Michelle Crouch, accessed Feb. 17, 2017

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.