1. You are not obligated to communicate with collection agencies;
2. You don’t have to disclose personal information;
3. Paying off an account in collections won’t wipe it from your credit reports;
4. Your assets are not at risk, yet;
5. You may be able to negotiate the best deal at the end of the month;
6. Your delinquent debts are nobody’s business; and
7. You may be off the hook.