William H. Oliver, Jr. & Associates

Se Habla Espanol

Free Initial Consultation

Local 732-988-1500
Menu / Navigate View Our Practice Areas

CFPB tries to ease stress for consumers with credit card debt

No one likes to be in debt. Waking up in the morning, knowing that one owes debts that they can't afford at the time is a stressful situation for anyone. Getting incessant letters and phone calls from creditors doesn't help levels of stress.

Not only is such pestering by creditors scary and stressful for consumers, but it can also be illegal. The Obama administration is fighting creditor harassment and making it easier for victimized consumers to join in on the fight themselves.

The Consumer Financial Protection Bureau is fighting on behalf of harassed consumers and in the name of the Consumer Protection Act. It is sending a refreshed warning to debt collection agencies that they must not engage in illegal, harassing collection tactics. If they do, they will be punished.

Consumers now also have at least some semblance of at-home tools to prevent creditor harassment. The CFPB has created letters for consumers to refer to when they are contacted by collectors. Depending on a specific debtor's situation, they can simply read off the text of a letter that should get collection agencies off of their backs.

Many people don't understand their rights in regards to their debts and what collection agencies can and can't do. The CFPB is trying to inform them of their rights and arm them with knowledge. But that probably isn't enough for many people who are bogged down with credit card debt. A bankruptcy attorney can help fill in the gaps and guide those struggling with debts toward a happier future.

Source: Forbes, "How To Defend Against Abusive Debt Collectors," Halah Touryalai, July 11, 2013

No Comments

Leave a comment
Comment Information

Get Help Now

Bold labels are required.

Please note that First AND/OR Last Name, and Email AND/OR Phone are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

FindLaw Network

At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.