It is often said that a modern economy is based on credit. One reason for this belief is the need for individuals and businesses to secure credit to raise enough capital to grow. This growth is done at a much faster pace through borrowing and investment than if the consumer or entrepreneur was required to save up the necessary funds in advance.
In recent years some Ohio residents have relied on credit cards and other forms of borrowing to get them through some decidedly tough times.
As the economy continues to pull itself from the depths of the recession many Ohio residents are experiencing that same slow rise; some of them are impeded by their outstanding debts to a number of creditors.
Although the economy seems to be improving, many families in Cincinnati are still struggling. Many households are still attempting to recover from a stint of unemployment, and this often means struggling to get on top of bills that have gone into debt collection. For many families, they are in too deep to recover.
Many people in Cincinnati and throughout Ohio live in constant fear of the next ring of their telephone because they worry that on the other end of phone there might be a creditor ready to harass them about why they have not made their payments.
Military personnel, veterans, and their families are often the targets of aggressive or unscrupulous debt collectors. Now that the Consumer Financial Protection Bureau is keeping statistics, it's possible to quantify a degree to which abusive debt collectors target service members in Ohio and elsewhere around the country.
A debt collection firm named Aeon Financial foreclosed upon more than 400 properties in Cuyahoga County, the largest county in Ohio. The company also apparently had purchased a number of liens in other states across the country as well. Yet what is truly unusual about these circumstances is the fact that Aeon information lists no owners or company website. Its operations stem from mail-drop boxes in Chicago and the company apparently is represented by a law firm with a Colorado address.
For burdened debtors, abusive debt collection can be a nightmare. Or, if not a nightmare, then at least what wakes them up from a nightmare. Calling in the middle of the night is one of many abuses aggressive debt collectors engage in. Unfortunately, the law governing debt collection is outdated and does not address the many abuses debtors are now facing.
We all age in different ways. One 85-year-old man runs marathons while another is wheelchair-bound due primarily to the inevitable aging of his body. But no matter how we age, it tends to be an unavoidable truth that we require more medical care as we advance significantly into our elderly years. It is of little surprise then that both the New York Times and Wall Street Journal have both recently published stories about how more elderly Americans than ever are grappling with unmanageable medical bills.