Federal Government Considering New Debt Collection Rules
For the first time in nearly 40 years, the Consumer Financial Protection Bureau is proposing new rules that govern debt collection in an effort to clamp down on alleged abusive collectors. Debt collection is a multi-billion dollar industry. According to the Urban Institute, one in three American adults have a report of debt in collections. That equals to over 77 millions Americans. The average debt owed is over $5,000 and typically involves a credit card balance, medical or utility bill more than 180 days past due. The CFPB has fielded over 250,000 complaints since 2011.
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