Harassment by debt collectors a widespread problem, study finds

If you live in Nashville and are struggling with debts that you cannot pay, you may receive contact from companies who are looking to collect on your outstanding balances. Creditors often sell their debts to companies who then attempt to induce consumers to make payment. Despite the fact that those agencies are restricted by certain regulations when it comes to contacting debtors, many do not follow the rules. At Rothschild & Ausbrooks, PLLC, we know how stressful it can be when a debt collector threatens or harasses you.

In order to understand how pervasive a problem creditor harassment is, the Consumer Financial Protection Bureau undertook a study, reports Money Magazine. If you have experienced problems with a bill collector, you may not find the results surprising. Many people reported behaviors from collectors that are prohibited under the law.

For example, one-third of people responding the survey indicated that they received calls from collectors late at night or early in the morning. 40 percent complained about the number of calls they received exceeding more than 4 per week. 75 percent of people who requested that a creditor cease contacting them said the company continued to do so.

Finally, when it came to the debt collector they had the most recent contact with, one in four respondents said that they felt threatened by the interaction. There are numerous steps that you can take when you have a lot of debt and collectors are breathing down your neck, including filing for bankruptcy. For more information on what you can do to keep debt collection companies from hounding you, please visit our web page.

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