Older people have experience paying off credit card balances, mortgages and auto loans. Not only have they learned to budget to meet their payments (hopefully), they also have experience emotionally dealing with debt.

For a young person starting their career, debt can be overwhelming. Just out of college, you are facing the challenges of striking out on your own for the first time, budgeting monthly living expenses, scrounging for work and probably living on peanuts.

If you were lucky enough to land a good paying job, this is the first time you’re receiving serious cash flow. You’re working hard and probably seeing much of your money being drained away by taxes, rent, food and utilities. It’s natural to want to spend whatever is left on nice things for yourself. Facing the fact that you need to put your extra money towards your student loans is a painful fact to get your head around.

If you piece together an income with internships and part-time jobs, you’re probably wondering how you can afford to live, much less pay off your debt. Staring at a several thousand-dollar principal and having nightmares about the accruing interest can be a difficult thing to cope with.

Debt doesn’t have to be a terrible burden on your life. It’s an important bill that you will need to deal with. You may not be able to lift the financial weight of paying off your loans for the next several years, but you certainly can alleviate the emotional burden. Here are some things to consider:

1) It’s the twenty-first century and no one will break your knees. They won’t throw you in debtor’s prison either. The worst thing that can happen is you’ll accrue a bit more interest. That definitely sucks, but debt is not going to rob you of your physical, biological life.

2) You’re not going to starve. While your net worth might be in the minus as long as you have debt, be thankful that you live in an affluent country. Food is cheap and available, and you can eat well on $30 a week if you plan your ingredients and meals. There is plenty of food available in this country and much of it goes to waste. People in countries that experience drought and disruption of the food-supply line are really in trouble. You, however, are not.

3) You can make debt manageable. As long as you have some income, you can keep putting money towards your debt. View it the same way you view your rent. It needs to get paid. Lower the expenses in other areas of your life and keep making the payments. If you stay on top of the loan, it won’t last forever. Suck it up, budget, and live well below your income.

4) Don’t forget to enjoy life. Just because you have debt doesn’t mean you don’t have time with friends. It doesn’t mean you can’t take a walk outside. It doesn’t mean you can’t laugh, dance, party run and scream. Life is an adventure. Live it. Your debt certainly isn’t stopping you.

Perhaps the most important thing is to put money in its place. Money is money, and the story of your life is not the same as the story of your bank balance. At the end of the day “loan payments” are just another thing to deal with like “walking the dog”, “picking up the mail” and “driving to work”. It’s manageable.

Tend to it like you would a garden. Get it done. It’s part of the framework of your life, but it’s not the core of it. Don’t get so wrapped up in the drama of your debt that you forget to live and enjoy all of what’s happening around you.

Debt collection as an industry is a huge business in the US. Annually debt collections businesses earn upwards of 10 billion a year, year after year. With total consumer debt being around 4.1 trillion (yes, trillion with a T) as of the time of this writing the industry is poised to grow even more over the years.

Buying distressed debt is a huge business mainly because debt collection company buy consumer debt at pennies on the dollar. Debt collectors pay on average 4 cents for every dollar of outstanding debt. Being that they purchase debt so cheap they have a great incentive to collect the full amount due of the outstanding debt.

When companies feel they will not be able to collect debt due to them they deem the debt unrecoverable they sell off the debt and write off the debt as unrecoverable. Once debt collectors pay for the debt they will do anything it takes to make a return on their investment.

By the time your financial situation becomes unmanageable, you are likely to start seeing some of your debt accounts going to collection. Once debt collectors get access to your accounts, you can expect a them to use a hardcourt press in their efforts to collect money from you.

You might begin asking questions like “how do I stop debt collector from calling me? When things get to that point, it would be a good idea for you to learn about your rights and what debt collectors can legally do to compel you to make payment.

Here’s is a list of five things debt collectors can do by law. For your information, the applicable law that guides debt collectors is the Fair Debt Collections Practices Act.

1. Contact You for Payment on Applicable Debt

Debt collectors are only permitted to deal with you on debts they have taken over or contracted to make collections as a third party. This will typically include unsecured debt such as unsecured personal loans and credit cards. Your original lender should send you notification that your debt has been given to another party for collection. That information should coincide with the name of the company that starts making contact with you.

Debt collectors don’t get involved with secured debt because the lender can go after the applicable collateral. They do get involved with unsecured debt that has gone past the statute of limitations. It’s still collectible if they can get the money.

2. Apply Reasonable Pressure

The keyword here is reasonable. They do have the right to call you on a daily basis, send you letters in the mail, send you collection emails, and inform you about the possibility of them filing a lawsuit against you.

While they have the legal right to pursue collection in this manner, they have boundaries they must never cross. They cannot threaten you with my kind of harm nor can they mislead or deceive you in any way. They must also refrain from harassing behavior, which might include multiple calls on a daily basis. If you feel a debt collector is harassing you, you might want to file a complaint with the Consumer Financial Protection Bureau. You can start by asking them, “how do I stop debt collector from calling me?”

3. Sue You for Payment

If their attempts to collect from you fail, they do have the right to file a civil lawsuit against you for any amounts you owe them. Should they win in court, they would have the ability to ask the court for wage and bank account garnishment orders.

Note: If a debt collector sues you for payment and you do not show up in court, the judge will rule in their favor for whatever amount they can offer provide proof.

4. Negotiate Settlements

When debt collectors purchase your bad debt, they usually do so for a large discount on the amount you owe. That gives them some room to negotiate with you for a lower amount if they feel it will compel you to start making payments. Knowing this, you have a right to approach them and see what you can work out.

5. Sell the Debt to Other Parties

After failed attempts to collect from you, you might find that your debt collector goes away and a new one appears. That is usually what happens when your original debt collector sells the debt to another party, who then takes a shot at collection.

Addressing Other Concerns

Consumers rarely know how debt collection agencies do what they do. If you have concerns, you should think about asking questions to address those concerns. Here are a couple of questions that are quite common among debtors who are dealing with debt collectors.

How do Debt Collectors Know Where You Work?

If you are not sure what information a debt collector has on you, you might be wondering things like, “how do debt collectors know where you work?”

They have a right to pursue this information by any legal means they have at their disposal. They can contact anyone they feel might be able to tell them where your work. However, they do not have the right to discuss your debt issues with anyone other than you and your spouse. If they do find out where you work, they do not have the right to contact you there by phone or in person.

What Information do I Have to Give Debt Collectors?

If you have concerns about “what information do I have to give debt collectors.” you can rest easy. You don’t legally have to give them anything but payments. However, you might want to be somewhat cooperative if you are negotiating for better terms.