Debt Sold to a Collector
Published July 18th, 2006 in UncategorizedThe Debt Adviser, Steve Bucci, (the author of “Credit Repair Kit for Dummies”) answers a question about student credit card debt.
Even in collections, bad debt mounts - ScrippsNews
I am currently a college student working toward my master’s degree. Last summer I was offered a credit card with a somewhat large limit ($2,500). Well, unfortunately, I managed to max it out by the end of the summer because I had a job at the time and thought I could pay it off. When school started, my income became very limited. I only had money to pay for rent and food, nothing else. As a result, I let the credit card go and have never really answered the creditors’ phone calls. A couple days ago, a new phone number started calling me and I think they sold my debt to a collector. I do not know what to do. Right now I could only afford to pay $50 a month at the most. I am so confused and feel so helpless. Please help me.
P.S. I will never do this again. I definitely learned my lesson. Thank you.
_ Jess