The abuses associated with debt collection agencies and creditor harassment are topics that have been well-documented in earlier blogs posted on this website. The Fair Debt Collection Practices Act places restrictions on allowable conduct by those companies and individuals in the business of collecting delinquent consumer debt. But the statute also gives consumers rights of their own that they can exercise when confronted by debt collection efforts.
Debt collectors have one job and one job only, to secure as much as money from you as possible. Many collectors go to great lengths, such as making harassing phone calls and using threatening language. Others are simply persistent while adhering to the laws. As you deal with a collector, even in the early stages, it can be intimidating.
When a person sinks into debt, the stress of maintaining the lifestyle they have become accustomed to while simultaneously meeting their financial obligations can be overwhelming. Debt collectors can be relentless in making a difficult situation worse and it is easy to feel like you are in a hopeless situation.
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.