What You Should Know About Credit Card Debt Collection
NEW YORK (TheStreet) -- Collection of bad debt has grown into a billion dollar industry. It's no surprise that complaints about those collecting the debt are on the rise also.
In 2000, JPMorgan Chase recouped $130 million from bad consumer debt of all kinds. By 2009, Chase recovered over $1.2 billion on credit cards alone, according to American Banker.
|When it comes to debt collection, a consumer's best defense is knowing the boundaries of the law.|
Debt collection consistently ranks extremely high in any survey or study that tracks consumer complaints. Debt collection is an industry with an aggressive reputation, known to sometimes use strong and harassing tactics in an attempt to collect debt that is past due.
In its 2011 report to Congress, the Federal Trade Commission received more than 140,000 consumer complaints regarding unfair, deceptive and abusive debt collectors.For help sorting through the confusing world of credit cards, visit Lowcards.com. Debt collection is complicated, and some collectors may push the boundaries of the regulations and law to get money out of you. The best way to protect yourself is to be familiar with the laws.
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