Topic: Consumer Law
With nearly $800 billion being held in credit card debt today by US citizens, many still experience harassment by debt collectors daily, despite laws that have been put in place to prevent such activity. While creditors have every right to expect legitimate debts to be paid, borrowers should never have to put up with humiliation and mistreatment.
The Fair Debt Collection Practices Act was first put into place in 1977 not only to allow for fair debt collection and better avenues for consumers to dispute information but most famously—to put an end to abuse by debt collectors. Surprisingly though, many consumers today are still the victims of harassment.
Many Consumers Still Feel ‘Threatened’
While some debt collectors do break the law (and should be dealt with accordingly) many find their way around it easily. This means that if you are behind on payments, you could—like many others—be receiving an unrelenting number of calls each day; in fact, a recent survey (discussed in more detail in our previous blog) by the Consumer Financial Protection Bureau showed that nearly a quarter of consumers have felt threatened by collection activity in the past year.
Call Volumes May be Restricted & More
The New York Times reports that now, on the heels of their recent survey, the bureau may be getting ready to crack down further, as they consider a proposal for setting more rules in place for third-party collectors.
“The bureau is working to clean up abuses in the industry and to see that all consumers are treated with fairness, decency, and respect,” said Richard Cordray, director of the Consumer Financial Protection Bureau.
Due to the latest survey data, consumers may indeed see more changes in the rules, especially to the volume of calls debt collectors can make on a weekly basis. The CFPB may also be putting their feet to the fire to do sufficient homework on each debtor’s information before calling them. This is an effort to eliminate a number of erroneous calls being made, along with the amount of incorrect information being given, undoubtedly frustrating and often alarming consumers.
Contact Us if You are Being Harassed by Debt Collectors
If you are currently plagued by calls from debt collectors and may also doubt the information they are giving you, it’s time to speak with an attorney from an experienced consumer debt protection law firm. At Fitzgerald & Campbell, APLC, our attorneys can review your case and then help you explore all your options, whether you are concerned about debt collectors, credit card lawsuits, impending bankruptcy, or other related topics.