Can Debt Collectors Text, Email or Follow You on Facebook? Soon they might be able to.
Debt Collection is a massive industry in the US which is why many consumer groups and debt collection agencies are awaiting news from the Consumer Financial Protection Bureau on upcoming changes to legislation,
These proposals will be the first update to the Fair Debt Collection Practices in more than 40 years.
If you are behind on credit card payments, read on to find out how this might affect you.
How big is the Debt Collection Industry?
Currently standing at $11 billion and 7000 debt collectors in the US(according to IBISWorld), the debt collection industry is massive!
Hence why many in the debt collection industry and consumer advocacy groups are keenly awaiting news on how and when the Consumer Financial Protection Bureau (CFPB) will be unveiling their proposals to shake up the debt collection industry.
According to the Washington Post...
"Consumer advocates say they are concerned the CFPB will attempt to weaken existing law in favor of an industry that racks up thousands of complaints to regulators every year. Debt collectors shouldn’t be able to call consumers more than once a week, contact them on social media such as Facebook or through work email addresses, advocates say.“Consumer privacy should be a key concern for the CFPB,” said Christine Hines, legislative director of the National Association of Consumer Advocates."
Bad news for the consumer?
Another concern for consumer groups is that the CFPB has already proposed to roll back rules requiring payday lenders to verify customers can afford their loans - a major coup for the payday lender industry.
And what this probably means to normal Americans is that you'll be able to borrow more than you can afford, at exorbitant interest rates and then get yourself into a dreadful debt burden which you'll struggle with in the future. In fact, we see and help people struggling with debt issues every day - so we think it's not great news for the consumer. At DebtKO we want to see more responsible lending.
Are you being harassed by debt collectors?
If you are being harassed by debt collectors, get in touch with our team at DebtKO.
We can help find you the best way to escape punishing credit card and tax debt repayments and get you back to living a stress free life.
It takes work but we can show you how to escape massive credit card debts and other unsecured debts fast.
Click here for more information on our what we think is an industry leading debt relief program.