In this economy, it is not uncommon for people to have a lot of debt. In fact, the economic system in the U.S is based on debt (essentially). No one I know wants to owe money, and most people want to pay their debts.
Collection agencies, they are a necessary evil and they have a job to do; however, it seems like some collection companies take great pride in doing everything they can to disrupt your life and scare you into taking a bad deal. There are rules to the business, and many collection agencies are not above breaking them.
“Feds Fire 5 Debt Collectors”
“WASHINGTON -- The U.S. Department of Education said Friday it will end contracts with five companies that collect defaulted federal student loans after finding they made “materially inaccurate representations” to struggling borrowers.”
“The agency said it was winding down its debt-collection agreements with Navient-owned Pioneer Credit Recovery, as well as Coast Professional, Enterprise Recovery Systems, National Recoveries and West Asset Management.”
Read the rest here: https://www.insidehighered.com/news/2015/03/02/us-ends-contract-5-debt-collectors-citing-misrepresentations-borrowers
Things that make you go hmmm…
Dr Flavius A B Akerele III