Drudge Retort: The Other Side of the News
Saturday, August 10, 2019

On May 8, the biggest players in the American debt collection business traveled to Philadelphia to have a talk with Kathy Kraninger, the new director of the Consumer Financial Protection Bureau. A day earlier, Kraninger's agency had introduced a slate of regulations ostensibly designed to curb the worst abuses in the notoriously predatory world of debt collection. But the proposal appalled consumer advocates; instead of reforming debt collection, the plan had transformed into an excuse to legalize a host of shady practices.




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Once you tell a debt collector to stop contacting you, they are legally obligated to comply. After that, you are entitled to sue them for each incident.

#1 | Posted by sentinel at 2019-08-08 10:50 AM | Reply

Some regulations are needed, some are not.

Among those that I consider to be needed are regulations that assure:

- drinkable water

- breathable air

- protection from abusive deep-pocketed corporations

(looking back at the three, I see that the last of the three may actually cover the first two. I left the first two in to highlight their importance, though...)

#2 | Posted by LampLighter at 2019-08-08 10:51 AM | Reply | Newsworthy 1

I already get that many calls from telemarketers and the phony "I owe" or "My credit card limit can be increased" or "I won".

Those debt collectors will never get through.

#3 | Posted by Petrous at 2019-08-08 01:53 PM | Reply

How to avoid being harassed by debt collectors, don't be in debt. That way you don't have to pay for all the dead beats that welch on their debts. The average interest rate on credit cards is now over 20%. The banksters will always win at their own game, so don't play.

#4 | Posted by docnjo at 2019-08-11 09:44 AM | Reply

don't be in debt.


Everyone should have $150k sitting around to pay cash for a house! And another $20k to buy a car! And nobody should ever lose their job! Don't like it, don't-------- off! Simple!

#5 | Posted by JOE at 2019-08-11 09:53 AM | Reply

--And another $20k to buy a car!

lol. Buying a used car is so oppressive.

Maybe the Dems can add free new cars to their list of voter bribes.

#6 | Posted by nullifidian at 2019-08-11 09:57 AM | Reply

#6 Then change the number to $4k. Not everyone has that kind of scratch laying around. The point was that debt is part of how our society functions and there's nothing wrong with regulating how aggressive collectors are allowed to be, and just saying "dont be in debt" is one of the dumbest things vomited out on this site (other than your pointless posts).

#7 | Posted by JOE at 2019-08-11 09:59 AM | Reply | Newsworthy 2

#7 | Posted by JOE The only two things you should have as debt is a car and a house. Both are secured loans, which require much less interest. It will take me less than three years to pay off my house. I have never bought a new car. And yes I have 4000 in scratch laying around. Credit cards at 20%+ are for suckers or fools.

#8 | Posted by docnjo at 2019-08-11 10:58 AM | Reply

The stats on household debt are so sobering.

Yikes......it's amazing what folks can get used to.

#9 | Posted by eberly at 2019-08-11 10:59 AM | Reply

Maybe if we reestablished debtor's prisons and work houses things might change. Don't say it won't happen. Think about who controls the government, it isn't you and me. It is the banks.

#10 | Posted by docnjo at 2019-08-11 11:11 AM | Reply

And yes I have 4000 in scratch laying around

Nobody asked about you, dumbass. The point is that not everyone in the country is in the same financial situation as you.

Think beyond yourself. I know that's an impossibility for Trumpers.

#11 | Posted by JOE at 2019-08-11 01:13 PM | Reply

#11 | Posted by JOE I am not a Trumper, libertarian to be honest. Maybe you can't think beyond your immediate gratification, maybe people don't have the personal discipline to save money, maybe people refuse to depend upon themselves. Maybe I don't feel compelled to feel sorry for those who suffer the consequences of there own stupidity.

#12 | Posted by docnjo at 2019-08-12 12:33 AM | Reply

#11 | Posted by JOE, So who is a dumbass, the one who will be overwhelmed by the most minor of emergencies, like a car breaking down or the one who keeps at least one month of income as an emergency fund? Something they should have taught you in home economics in high school.

#13 | Posted by docnjo at 2019-08-12 12:43 AM | Reply

60% of Americans don't have a $1,000 emergency fund. So while you can sit in your bubble and talk about what everyone should do, i'm here in reality talking about what people actually do, and how best to manage the situation.

I am fully on board with instilling a greater sense of urgency to save and avoid debt, however possible. In the meantime, it is completely reasonable to regulate the extent to which collectors can harass people. The two are not mutually exclusive and to say "just dont go into debt" is wholly ignorant of the situation a majority of Americans are in.

#14 | Posted by JOE at 2019-08-12 12:51 AM | Reply

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