The Truth of Credit

 Today I will get into Part 3 of 4 in a breakdown on Chuck Jaffe’s article, “Strong-arm tactics, One Student’s Run-in with the Seamy Side of Credit Collection”.
Chuck writes:
The collectors ignored pleas made on Mackenzie’s behalf for time to make a thoughtful decision and kept calling everyone they could reach. They were not concerned about [...]

  US congressman Mark Udall has just presented legislation to the U.S. Senate that outlines his version of a “Credit Card Bill of Rights.” The objective of the bill is to force credit card companies to send notice of a rate increase prior to raising your rates.
In addition, should congressman Udall get his version through [...]

 
The vast majority of judgments obtained by debt collectors are by default. That means the alleged debtor didn’t show up to court to contest the case. Unfortunately, I believe that debtors often don’t show up to contest a case because they feel that there is no use since the debt was once a legitimate debt. [...]

 This is Part 2 of the breakdown of Chuck Jaffe’s Article “Strong-Arm Tactic” One student’s run-in with the seamy side of credit collection. Yesterday, we went over the 2 major mistakes people make when faced with overbearing debts.  Today, we get into some of the problems that I see in the article and from experience [...]

Recently, I came across an article from Chuck Jaffe a CBS Marketwatch columnist. I’m a big fan of Chuck’s articles for the most part but I found one that really hit home:
http://www.marketwatch.com/news/story/one-students-run-seamy-side-credit/story.aspx?guid=%7BA497E243-1E78-4C76-80C8-1DA3440102FD%7D
 
This is a great article and shows a scenario that in which is rampant and as a collector dealt with on a daily basis. [...]