Different countries have their own approaches in collecting debt. In the Philippines, due dates are important. You'll get calls and warnings for missing payment whether it is for credit card, direct selling, and anything that has a due date marked on.
In Australia, I noticed that collection policies are more considerate. In direct selling entities, you have the option to pay only what you can at the moment although this hampers your ability to make successive orders. Once fully paid, you can resume doing business again.
In the U.S., there are debt consolidation companies can be tapped to help out in managing your payments and create a re-payment program that will work best for you. A good scheme ideally should have low monthly payment, low interest payment, and friendly terms in case you'll be able to fully pay it off early.
- Use your assets, like home, to shift your credit card bills from unsecured to secured debt. This allows you also to re-negotiate the rates and terms.
- For properties, another option will be to re-finance and get better terms
- If you don't have your own home or equivalent equity, you can still avail of credit counseling and debt settlement options.
- There's nothing to stop you as well from making calls and inquire of options available to reduce the interest you are paying now.
- If the above does not work, debt settlement entities can be tapped for the task.