If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. It doesn't have to be that way.

With millions of people experiencing financial problems it is absolutely necessary for everyone to know and understand their rights as a consumer.

Federal law requires that you receive fair and equal treatment from businesses issuing credit. This law applies when they evaluate your applications for credit, insurance, employment, and even leases.

The one area where I receive most complaints are from individuals that are being harassed by debt collectors. These complaints range from debt collectors contacting their work and family members to being called names. All of these are a direct violation of Fair Debt Collection Practices Act (FDCPA). This article spells out exactly what your rights are as a consumer.

I have copied some areas of this article directly from Federal Trade Commission's web site to ensure that information is explained exactly as law applies. These areas are identified.

The FDCPA lists following guidelines that must be followed by all debt collectors:

(Copied from Federal Trade Commission web site) ---------------------------------------------------------------- ~~Debt collectors may contact you only between 8 a.m. and 9 p.m. ~~Debt collectors may not contact you at work if they know your employer disapproves. ~~Debt collectors may not harass, oppress, or abuse you. ~~Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime. ~~Debt collectors must identify themselves to you on phone. ~~Debt collectors must stop contacting you if you ask them to in writing.

It also prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. ----------------------------------------------------------------

It is very important to keep a record of any contact you make with your creditors especially when there is a dispute or misunderstanding regarding your account. You should list name and address of company, date and time of call, name of person you spoke with and content of call. I have developed a form that can be used for this purpose. You can find it at http://www.homemoneyhelp.com/ccrs.html

Another important aspect of your consumer rights is Credit Reporting. Derogatory information in your Credit Report can have serious consequences. It is ultimately your responsibility to ensure that information in your credit report is accurate and up to date.

As producer and I were working out logistics of my appearance, she mentioned in passing that “most people can’t afford an investment advisor.”

While that wasn’t time or place for me to discuss this, I realized that many people might have a similar misconception. Had conditions allowed, I would have pointed out following to her.

There are only two ways an individual can invest in mutual funds: Selecting and investing themselves or using outside help. If they use outside help they’ll have a couple of choices again: A commissioned salesperson (broker, financial planner or Registered Representative) or a fee-based investment advisor.

Most people don’t know difference and often start with a broker who charges about 6% commission off top to purchase a mutual fund. The fund is usually from a limited selection of fund families broker has a relationship with. He, of course, would never recommend a no load fund or an exchange traded fund (ETF), since it is not in his best interest -- although it might be in yours.

Having a fee-based investment professional handling your portfolio will get you as close as possible to receiving advice that is based on nothing but advisor’s best knowledge and evaluation of market. They advise only what they consider top performing funds since sales commission is not a consideration and does not create any conflict of interest for them. But, how can you "afford" an advisor?

First off, advisor's fee is usually in range of 1% to 3% per year depending on portfolio size. This amount is billed in advance on a pro-rated quarterly basis and charged directly to your investment account. This creates an initial savings right off bat.

Most fee-based advisors offer complete service as far as your portfolio is concerned. That means that they don’t simply “sell” you a mutual fund and disappear until you call again. Since investors evaluate advisors based on performance of their portfolio, advisors are keenly interested in maximizing your bottom line. In long run, your gain should outweigh their fee.