Imagine this. You’re behind on rent. Your phone won’t stop ringing. You need gas to get to work. And in the middle of all that stress, an envelope arrives promising hope: “You’re pre-approved for a credit card!” That card? It’s from Credit One. What you don’t see until later is how this “opportunity” comes with …
“All debt collection is under the microscope,” said Chris DeRitis, Ph.D., a consumer credit expert at Moody’s Analytics, a West Chester economic research and consulting firm. “A lot of this debt gets traded three, four or five times. It’s a messy business.” The issue has similarities to abuses in the foreclosure process that led to …
In recent days stories out of New Jersey and California have both reveled that lawsuits by credit card companies are on the rise. The New Jersey story, stated there has been a 25% increase in case filed between 2007 and 2010. In California the courts in Santa Cruz Superior Court are dealing with historically high …
An article out of New Jersey has identified an increase in the number of credit card related lawsuits that have been filed in an effort to recover money owed to creditors. “Lawsuits to recover debts of between $3,000 and $15,000 increased 25 percent from the fiscal year ending June 30, 2007, to the year ending …