Life is Getting Harder for Debt Collectors, and That is Bad News for Borrowers

by Walter E. Block, Ph.D.
The Daily Bell

According to Kathy Kraninger, Director of the Consumer Financial Protection Bureau, help for beleaguered debtors is in the offing. The new rules would limit the number of calls that can be made to debtors by collectors.

The collectors would be required to furnish the debtors with their options, ability to dispute claims made against them, provide more information to them, etc.

The last set of rules governing this relationship was set by the CFPB in 1977, over forty years ago. What has changed, requiring an alteration in the rules, in the view of this government agency?

The main explanation is vast improvements in communication technology, compared to that date if far off history.

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