You should know what is a debt collector, also known as a debt collection agency.
First know what a debt collector is not. It is not a credit card company. A credit card company is the "original creditor." Original creditors are American Express, Bank of America, Capital One, Discover, Advanta, U.S. Bank, CitiBank and other credit card companies.
The original creditors have their own collection departments. The people who work in these collection departments are employees of the original creditor. When you fall behind in your payments you will get phone calls and nasty letters from the original creditor.
However, after time passes you may start to get calls from debt collectors, also known as collection agencies. The debt collector is not the original creditor.
Debt collectors are separate companies that are hired by the original creditor to collect the debt. A collection lawyer is considered a debt collector too.
Debt collectors are supposed to follow a law called the Fair Debt Collection Practices Act. But most don't.
And that's where you can actually turn the tables on the debt collector and use a few powerful strategies to wipe out your credit card debt.
I'll explain how on Tuesday, February 10. Stay tuned!
Michael Mack, Attorney a/k/a The Credit Man