Oak Park Real Estate & Estate Planning Blog

While many Americans do suffer from legitimate debt problems and worry about being harassed by debt collection agencies, others often are falsely targeted by debt collectors. Regardless of whether you owe the debt or not, you don’t deserve to be harassed by creditors, and you have certain protections under the Fair Debt Collection Practices Act .  According to an article in The Morning Call , the Consumer Financial Protection Bureau (CFPB) plans to consider new rules aimed at “protecting consumers from unfair and harassing debt collectors.” In fact, the CFPB has asked consumers to provide it with information about their debt collection experiences, which it will use to “determine what rules would be appropriate to protect consumers who are subject to debt collection,” according to a news release from the CFPB. What led to the CFPB’s interest in new rules for debt collection? And how will they work? Who’s Being Targeted by Debt Collectors? The CFPB’s heightene...

Just before the turn of the new year, an article in the Wall Street Journal reported that consumer debt has “picked up” substantially in previous months. In most cases, an increase in borrowing indicates that there’s “stronger consumer demand,” the article reported.  But are old debts being repaid? During the same third-quarter period, more Americans “fell further behind on repaying the nation’s $1 trillion in student loans.” Statistics from the New York Fed indicate that student loan debt has increased steadily since 2003, when it began to track these borrowing figures.  But is student loan debt different from others kinds of debt? And does increased borrowing actually mean that fewer consumers face the possibility of loan defaults and bankruptcy ? Many Americans continue to deal with debt collection problems. While increased borrowing in some areas might depict an economy that’s bouncing back, it’s important to speak to an experienced Illinois consumer lawye...

Are you concerned about your substantial amount of debt? Are you having difficulty making credit card and mortgage payments? Perhaps you’ve been getting phone calls from debt collection companies such as Midland Funding or LVNV Funding. If so, you might be a primary target for a credit repair scam or consumer fraud . According to a press release from the Federal Trade Commission (FTC), credit repair scams often involve ads that promise consumers a “new credit identity,” or a “fresh start for your credit history.”  Such a prospect might sound pretty good if you’re drowning in debt and being hounded by creditors. However, you’re likely dealing with a credit repair scam, and you could end up paying fines or going to jail if you take them up on their offer. If you’ve being harassed by creditors and are dealing with extensive debt problems, you don’t need to turn to a credit repair scam for relief.   Contact an experienced Chicago consumer attorney today . ...