Z Cherry Blog

The Start of Debt Recovery

February 25th, 2009

There are two words that nobody wants to hear over the phone, or see in an envelope, and they are…Debt Recovery. With the ease with which credit cards are being issued, it is no wonder we are falling further and further in debt. Utilizing the 90 day payment scheme, whereby there is no interest charged on the amount of money owed on the “plastic”, the user will keep on racking up more and more debt, and push that “90 day thing” to the back of their mind. There seems to be a mind-set whereby, the 90-day scheme will keep extending itself as long as the card is kept in use.

One of the major problems is that, if a credit card is needed, does the owner of the card have the wherewithal to actually be able to make the repayments on the card in the first place? Usually, the motive for gaining a credit card is that it is only ever to be used “Only in an Emergency”. Of course, it is easy to say this, Debt Recovery rates prove that it is just as easy to inter- change the words “want”, or “like”, or “need”, into that all important word “EMERGENCY”. It is all too easy to think, “Yes, I can get that on the card now, and then pay it back on pay day”. Unfortunately, for the majority, there is not quite as much in the pay packet, so you put off paying the debt on the card this week, and the next week, and the next one after that.

Entry Filed under: Business