In 8 Facts Everyone Needs to Know About the Credit Bureaus we explain how the depressed economy has made it difficult for debt collectors to do their jobs–at a time of record level debt, Americans can’t afford to make payments on their debt even if they really want to do so. Here are the references used in the article:
Debt collectors: Business great but hard as ever (Associated Press)
The prolonged economic instability means there’s more opportunity than ever for debt collectors, but it’s also harder than ever to actually collect. That’s because debtors are in genuine financial hardship, making it impossible to scrounge up the cash needed to make payments.
Economy: Debt collection is the new growth industry (Los Angeles Times)
Like CFS II, a Tulsa, Okla.-based debt collection firm that plans to expand business in the wake of the economic downturn, the debt collection industry is booming while others are failing.
Fair Debt Collection Practices Act (Federal Trade Commission)
The Fair Debt Collection Practices Act outlines rights for consumers trying to get out of debt. The law forbids a number of unfair and harassing practices by debt collectors.