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Debt collectors could soon be able to bother the American consumer with an unlimited amount of emails, texts, and phone calls – 7 days a week. Delinquent consumers could get what some advocates say amounts to “harassment” under the new rule proposed by the Consumer Financial Protection Bureau released this week.

This new rule would make it the first major update to debt collections guidelines in more than 40 years. The new proposal states that once a debt collector speaks to a consumer, however, they’re not allowed to call again for a week. There is no limit to how many emails or text messages they can send under the proposed rule, though. Consumers will have to opt out or unsubscribe to texts and emails.

Joanna Darcus, a debt attorney at the National Consumer Law Center in Boston says this is simply harassment. “This rule opens the door to increased contact by debt collectors to new channels or existing channels that they haven’t utilized to date like emails and text messages,” said Darcus. “That’s very dangerous to consumers.”

She also said many people may not know that they can push back against some of the aggressive tactics by debt collectors. “Consumers should know that they have the right to tell debt collectors when and how to contact them and they still have the right to revoke consent from folks who try to contact them.”

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Americans are already unhappy with how they’re being hounded by debt collectors. There were more than 80,000 complaints sent to the CFPB about debt collectors in 2018according to a report released earlier this year, and debt collection is the most common compliant.

If approved, this new rule would go into effect one year after the final rule is published. “We need to hold the debt collectors’ abuses and harassment at bay,” Darcus said.

But there is a better way to keep “debt collectors’ abuses at bay…”

This is an unfortunate change to the rules, however, experiencing a call from a debt collector can be avoided by avoiding debt in the first place. When you borrow someone else’s money and do not repay it as you originally stated in the contract, you will be bothered and harassed. People are going to want their money back, and debt collectors honestly don’t care much whether you have it.

Avoiding debt also allows one to invest their own money and live a more financially free lifestyle – with zero chance they will be harassed by a debt collector who wants their money back. A debt is a liability and only by having as few liabilities as possible will one see their net worth rise and their personal wealth increase.

Our society has become so addicted to debt and overspending that many can’t even fathom how they would live their lives without a credit card. Just try this: tell one person in casual conversation that you don’t have a credit card – I’ve done this.  They act like you just landed on Earth from a different planet.

We really can do better for ourselves and this seems like an easily avoidable problem!

Best Regards,


James Davis
Wealth Strategist, FutureMoneyTrends.com

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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.

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