When you’re struggling with your bills, the sound of your phone ringing can be enough to make you grate your teeth together. You realize that it’s probably a bill collector. Opening the mail isn’t much better. There’s often a stack of unpaid bills and increasingly aggressive notices from your creditors among the letters.
Thanks to new changes in regulations, however, you now have to be on the watch for creditors stalking you through text messages, your email in-box and on social media accounts.
New rules on debt collection may be a headache for weary consumers
The Fair Debt Collection Practices Act (FDCPA) has long curtailed creditor harassment. However, critics felt the law was anachronistic because it had been written in 1977. It lacked guidance on the use of texts, email and social media messages in debt collection processes.
Just recently the Consumer Financial Protection Bureau amended the rules in a way that pretty much makes it “open season” for creditors to go after debtors through the use of these technologies. Debtors do have the power to “unsubscribe” from text messages and emails or otherwise assert their rights against these kinds of intrusions. Just the same, this rule change is likely to put new stress on people who already feel overwhelmed by their debts.
What can you do if your debt has become unmanageable?
If the debts hanging over your head feel like they will never go away, it may be time to consider bankruptcy. Filing for bankruptcy protection will immediately provide relief from creditor harassment and set you on the path to a better future. Please continue reviewing our site to learn more.