Pittsburgh residents who are in debt and behind on their credit card payments will undoubtedly be accustomed to the constant calls and letters they receive reminding them of what they owe. While there are protections in place to keep debt collectors from being overly aggressive and making harassing contact, they still push the envelope as far as they can while staying close to within the lines of the law. Those who are facing these issues often don't know where to turn.
Now, with changes coming to the Consumer Financial Protection Bureau (CFPB), it is important to think about solutions to the debt problem with greater urgency to avoid the new strategies debt collectors might be allowed to use. A potential change that will impact consumers is the possibility that debt collectors will have the ability to send text messages and emails to those who owe money. Debt collectors are a frequent source for complaints from consumers as to their practices, so this potential expansion of their communication methods is worrisome.
In 2017, there were more than 84,000 complaints about debt collector practices. It is also a lucrative business as they try to collect from distressed people. If the new tactics go into effect, there is a fear among consumer advocates that debtors will face an endless stream of messages that are designed to pressure them into paying. Currently, debt collectors do not use emails or texts often. The law regarding such use is unclear, and the debt collecting companies do not want to run further afoul of regulatory agencies. With texting and emailing quickly taking the place of phone calls, the idea is that a debtor is more likely to see the message and perhaps even respond to it positively.
If debtors needed greater motivation to think about how to get out of debt and find a way back to stronger financial ground, the changes to the CFPB and what it allows debt collectors to do should be enough. There are strategies that debtors can use to get out of credit card debt and other forms of debt. Bankruptcy is a time-tested way to make the calls stop, help a person clear various debts, retain a home and automobile, and move on. Before the government allows this new possible strategy to go into widespread use, calling a law firm that helps clients with credit card debt may prove beneficial for those who are struggling with overwhelming financial obligations.