In the economic downturn, the debt collection industry has gotten more and more aggressive.
How would you react if your wages were garnished to pay a debt that is not your liability? This unfortunate scenario happened two times to a New Mexico woman who had no connection to the Target Bank account or to the collectors employed by Target. Cases like this are becoming more common as the debt buying industry has grown by leaps and bounds since the 1980′s. Now the combination of technology and large debt buyer firms has created a profitable industry that also holds the record for highest industry complaints logged with the Federal Trade Commission. Luckily there are consumer protection statutes in the Fair Debt Collection Practices Act that can help you to fight against collection bullies as the Government does not have the resources to respond to all the complaints it receives.
Legal And Illegal Tactics A Debt Collector Will Use: Debt Collection Basics Part Three
In the first two articles I defined what a delinquent account that had been sent to collection was, how sending late accounts out to an debt collection company benefits a creditor, and the practice of selling an old debt to a third party collection agency.
Student Loan Consolidation Might Be Your Best Bet For Debt
Cash is hard to get a hold of these days for everybody who tries to maintain the standard of living. In the past, loans carried you through college, but now that you’re out these debts have come out to haunt you. You may be contacted by various debt collectors and left a frantic mess seeking someone who can help you with a school loan consolidation.