Fighting for Your Rights
Federal law governs the third-party debt collection process, and some debt collection agencies, and debt collectors, play by the rules—or mostly by the rules. Unfortunately, many do not. Some of the largest debt collection agencies in the country have been sued repeatedly and successfully, both by consumers and by agencies that protect consumer rights. [Read more…] about Fighting Back Against Debt Collection Agencies
In theory, virtually all types of debt that is past-due can go to collections. If she wanted to, your grandmother could turn your “account” over to a debt collector after you failed to pay back the $1,000 she loaned you to buy a used car. In fact, some municipalities now use collection agencies to pursue unpaid library fines. Nationwide, about 1/3 of consumers have at least one debt in collections.
If you’ve ever been bullied, intimidated, or lied to by a debt collector, you’re not alone. Both the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) report receiving more consumer complaints about debt collection than any other issue. In 2017, the FTC reported more than 615,000 reports about debt collectors. The CFPB receives a lower volume of complaints, but debt collection still claimed the number one slot.
[Read more…] about Turning the Tables on Debt Collectors: Make Them Pay You
Mounting medical bills make most of us nervous, and it’s only natural that you want to pay down that debt as quickly as possible. But, prioritizing quick payment of medical debt isn’t always wise, especially when you pay off that debt by transferring the balance to a credit card.
[Read more…] about Think Twice (at least) Before Paying Medical Bills with a Credit Card