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DEALING WITH COLLECTION AGENCIES One of the biggest problems with overspending is the inability to pay debt. If you do not pay your bills, the creditor will eventually contact a collection agency. Most original creditors would rather sell you debt at a huge discount than continue to try and obtain their your money from you. However, if possible, you should always look to avoid having your accounts go into collections as a result of the tremendous negative impact accounts in collections will have on your credit report. Negotiating with your creditors is the first step. You can get more info on how to deal with creditors. Collection agencies can sometimes be relentless, making unwarranted threats. In reality, all they can do is take your money by garnishing your wages. However there are only three instances when you salary can be garnished: if you owe student loans, child support or when you owe money from a lawsuit. Collection agencies can not throw you in jail. They can sue you, but it would not make sense monetarily for them to sue you. Lawsuits are very expensive. The law says:
If a collection agency continues to violate the law after being told to stop you should either contact the authorities or you can sue. Find out what your state collection laws are. Locating a financial counselor is also a good idea. Not only will they offer insightful information on what you can do to improve your personal finance situation, they will help you deal with the collection companies. 
Debt Collection FAQs: A Guide for Consumers
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