Debt collectors are ruthless. Ideally, you'll do everything in your power to prevent an account from going into collection – even if it means paying for a loan using a credit card! Sometimes people decide not to pay for an account because they want to dispute something to do with the account – but it's better to pay the amount in question and continue your dispute afterwards.

Debt collecting is becoming a popular form of investment. Because there are so many people struggling with debt these days, investors are seeing potential in creating a new company to perform debt collection by buying old debts from other companies for pennies on the dollar and then aggressively attacking consumers for repayment.

In an economy where unemployment is on the rise, it would appear the collection industry is experiencing a boom in business. Like many things in life when one segment is thriving others are struggling to survive. This is certainly the case when it comes to debt collectors and cash strapped consumers trying to make ends meet.

In each state of the US, creditors are allowed a specific length of time during which they can attempt to collect a debt or enforce a judgment called the statute of limitations. In some states, though, consumers many find a judgment renewed for a second period; or forever.

As we all struggle to make it through the holiday season, the hectic schedules, and the overspending we may tend to do, there are some other things you need to be thinking about to keep your financial wits about you.

After the New Year, everyone is gearing up for tax time but now is the time you need to be thinking about your taxes and getting better prepared to get the most back in the new year.