Monday, November 22, 2010
The Federal Trade Commission is seeking to revise the protocol surrounding two of life's touchiest subjects: debt and death.Read the full story at The Washington Post
Debt collection has become an increasingly controversial practice as more Americans default on loan payments. Government data show the charge-off rate on consumer loans spiked to 6.71 percent during the second quarter - the highest level in at least 25 years. (Five years ago, the charge-off rate - loans written off by their lenders as uncollectable - was 2.4 percent.) Meanwhile, debt collection ranked second on the FTC's list of most common consumer complaints last year after not even cracking the top 20 two years ago.