Comments on: What Should You Do When You Can’t Pay Your Bills?

By: Reader Question: Credit Card Bill or Mortgage Payment? - Mortgage Rate News

Reader Question: Credit Card Bill or Mortgage Payment? - Mortgage Rate News — Tue, 03 Mar 2009 21:01:00 +0000

[...] you are concerned about paying your bills, the first thing you need to do is prioritize them. Your first priority should be your mortgage [...]

By: Miranda Marquit

Miranda Marquit — Mon, 02 Mar 2009 15:16:43 +0000

I agree that it is important for consumers to know their rights — and be prepared to defend them in court. And, in extreme cases, bankruptcy may be necessary. However, it is also a good idea to find out what kind of assistance is available from state and federal agencies. Food stamps, unemployment, etc., while unable to completely make up for lost wages, can help bridge the gap. And thank you for sharing information about individual TARP. This is another resource avenue to pursue.

By: creditwrench

creditwrench — Mon, 02 Mar 2009 01:30:02 +0000

Some of that is excellent advice but it assumes far too much. The first mistake is to assume that employment can be found in the near future and you can get back on your feet in a fairly short period of time. That probably won’t happen for the majority of Americans unless they have high demand skills. The economy isn’t going to turn around any time soon. Not for at least a couple of years or more. Creditors won’t wait that long. They will take you to court and sue you hoping to get some money now. People who can’t pay and can’t get a job paying more than they were making should start learning how to defend themselves in court. They should also do as you suggest and learn FDCPA and FCRA. That isn’t enough. They also need to learn how to take the debt collectors and lawyers to federal court because that is the only way they can win. They also need to learn how to protect their property and their wages if they still have a job. Protection against wage garnishment and seizure of property is available. People can now get their own Toxic Assets Recovery Program or TARP and they can learn about that from http://toxicassetsrecoveryinc.blogpsot.com and they should start putting their TARP in place before they get sued and garnished. Once that happens it is too late.