Debt Collectors Turn a Profit by Going After the Poor
It’s the “American Way”, turning opportunity into profit. It is certainly the way of the debt collector in these hard economic times with 15.1 million of the working class unemployed, 1/3 of which have been for six months or more. With people facing foreclosures, credit card delinquencies and utility shutoffs, the last thing they need is debt collectors harassing them day and night.
US News and World Report puts the average household consumer debt at $22,231, not including other debt such as student loans, which adds another $10,208, according to a May 2009 report. This debt has provided fodder for the explosive growth of debt collection agencies, which have grown in number between 4 to 6 times over the past few years to relentlessly pursue those on the lower end of the economic scale.
Read the full story here: The American Way of Debt: Turning a Profit by Preying on the Poor