CREDITORS ARE GETTING RUTHLESS

Once again I don't watch much TV so I get the news and latest in politics from work and callers. So today a woman called in asking if we are allowing creditors to garnish wages and account because they just passed the law that says they can. Where things get a little sticky is that the creditor has to obtain banking information and that's a lot of work on the creditors end because there are so many banks they are going to have to call every one and try to obtain financial information. The US is making it so easy for someone to get all of your social information your address and things of that nature. For instance if you google someones phone number you can find them, their address, directions, and even what schools are in the neighborhood and that to me is crazy. I have no need to look that hard for someone and if someone wants you to find them they will give you directions themselves. That to me is just too much "public information" either way it can be done. Now I do understand from a business aspect creditors do need to get their money and the people that work for them have a job to do and they want to keep their job so they are going to keep calling and keep sending letters but now...garnishing wages..WOW that's extreme. Due to the fact I have done accounting work I know for a fact every company puts away some of their earnings to pay for the people who become delinquent on their accounts that's one reason why prices go up with department stores because for those who have department store cards and don't pay WE (the non card holders) have to incur the pain of their mistakes. The same with loans and lines of credits the percentage go according to your credit score and again they up it just that much more to take care of those who chose not to pay or not able to pay. There is also something called a hardship reasoning that you can give a creditor in order to have some sort of sliding scale on how much needs to pay. Now if you have owed a company money for a period of time and a collection agency has contacted you at that point the original debt has already been forgiven. That company no longer cares if you pay or not now the collection agency is set out to get the funds and will keep 80% of whats owed and that's why they are able to work out whats called a settlement and tends to be about 40% less that the original debt. So one thing we all now to have to be aware of is that it seems like these collection agencies are out to kill lol. Ok well that's all for now I am going to shower and think so more about the things going on in the world today besides me lol.