This Article is About
loan cycle
taking the risk
american economy
debt collectors
thick skin
payday loan
Knowing Your Rights As A Debtor
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Knowing Your Rights As A Debtor

With the American economy quite poor, many people have turned to different types of loans in order to get by. While it is not ideal, many families realize that paying for food is more important than the long-term effects of this type of debt. Nonetheless, if you find yourself in debt, you should know that there are a number of laws that you can use to your advantage. Even if you owe money you have rights that you should know and use to protect yourself and your family from vicious collectors.

First of all, you should know that you cannot go to jail as a debtor no matter what you do. Anyone who continues to lend to you even if you do not pay is the one to blame for taking the risk. Despite what some people will tell you, there is absolutely no chance of going to prison. You will most certainly not have any kind of jail sentence due to the debts you have incurred unlike previous centuries.

In many places you can also maintain your homestead even if you are sued. If for some reason you are sued because of some alleged fault of your own, you may lose the case and still claim your home as your own. This means that you will not be kicked out of a home and you can still maintain a roof over your head despite what some people might say to the contrary.

These are both important to know because people often lack knowledge of the law and the protection afforded them. When people are unaware of their own rights, they are subject to intimidation and bullying. Many debt collectors use these tactics so it is best to arm yourself with thick skin and wait out the barrage of insults and threats.

If you or a loved one have fallen prey to a payday loan cycle, you should make sure to learn all of the payday loan laws that you can in order to protect yourself. Most of these laws can be found on the FTC's website for review at anytime. Sometimes it is best to declare bankruptcy and wipe out all the loans that you have, but other times it is better to report debt collectors for their inappropriate conduct. They may threaten you and intimidate you, but many times they are breaking the law, which is something that you can definitely hold against them in a courtroom. Know your rights and protect yourself.

Street Talk

David, all of your articles are very informative and helpful. Thanks.

  about 1 decade ago

Well thank you very much Lisa!

  about 1 decade ago

Nice info bro

  about 1 decade ago

Thanks Wayne!

  about 1 decade ago
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