As debt grows, collections boom

Get ready people because as the financial institutions and everybody else above the regular Joe gets their bail out nobody is going to bail out the rest of main stream America.

But bankruptcy laws that has been refined during the Bush administration will make sure that you will be persecuted to the extent of the loopholes from this bankruptcy laws.

Debt collecting is a booming industry. Outstanding consumer debt reached $2.59 trillion in September, an increase of $6.9 billion over August.

There are roughly 5500 debt collection agencies nationwide that made more than 1 billion contacts with consumers in 2007, according to ACA International, a trade association for the collection industry. And most industry experts expect those numbers to grow.

"The fact that debt doesn't go away as fast as it used to is contributing to the increase in debt collectors," said Mark Neeb, owner of The Affiliated Group, a debt collection agency in Rochester, Minnesota.

money.cnn.com...

Thanks to the laws been enacted to fight terror now this collection agencies have all the technology tools to get their collections

Protect yourself, Know your rights, this bound to get worst.



[edit on 27-11-2008 by marg6043]