Americans High Debt Ratio Leaves Opportunity for Collection Abuses

Nearly 1/3 of Americans have debt collectors looking for them!

This from Consumerist: 80% of Americans owe someone, somewhere, some money. It might be a mortgage or student loan, or a five-year-old fee that got forgotten about, but the vast majority of us have some outstanding debt. And worse: a third of the country may have debt collectors chasing after them for that cash. Read more here.

Whats clear to me from both my own personal experiences is that this debt in many cases is part of a bigger problem where debt is sold and resold so many times that some consumers are being hounded for debt that isnt owed, may be a different person, is past the statute of limitations on reportable collections allowed or other reasons.

Its also clear from my own experience that Chase Bank and its subsidiaries like Chase Auto Finance along with most major corporate entities abuse the intent of the FDCPA.

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