Collecting Consumer Debt in America
The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published "Collecting Consumer Debt in America" (PDF) by Bob Hunt, senior economist in the Research Department of the Philadelphia Fed. In the paper, "Hunt explored how creditors and their agents attempt to collect past-due consumer debt, particularly unsecured debt. Creditors have a number of remedies open to them, but their effectiveness is limited by the fact that consumers can file for bankruptcy. Even outside of bankruptcy, consumers enjoy a variety of legal protections, including some they may not be aware of."
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