Credit Companies Can Sell Your Credit Card Debt
When you have an outstanding debt with a credit card company, they’ll sometimes sell this debt to a collection agency or hold the debt but pay a collection agency to attempt to collect. Not only will this hurt your credit, but it brings unwanted collectors that want you to pay up.
Collectors tend to work fast and hard, and most get paid based on commission. This brings up some problems, as many collectors tend to ignore common courtesy or worse, the law. Additionally, some collection agencies will pay their workers per phone call and per letter, meaning that they have high incentives to repeatedly bother you.
Unfortunately, this is money you owe for one reason or another, so getting out of the credit card debt is unlikely unless you claim some form of bankruptcy. Not paying debts is going to put a huge dent against your credit, making it harder to make larger purchases, sometimes rent, and even sometimes may stop you from landing a nice job to help pay off all that debt.
