{"id":36752,"date":"2023-03-07T18:57:53","date_gmt":"2023-03-07T23:57:53","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-finds-debt-collection-tops-older-consumer-complaints\/"},"modified":"2023-03-07T18:57:53","modified_gmt":"2023-03-07T23:57:53","slug":"cfpb-report-finds-debt-collection-tops-older-consumer-complaints","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-report-finds-debt-collection-tops-older-consumer-complaints\/","title":{"rendered":"CFPB Report Finds Debt Collection Tops Older Consumer Complaints"},"content":{"rendered":"
Bureau Issues Consumer Advisory with Tips for Older Americans Dealing with Harassing Debt Collectors<\/em><\/strong><\/p>\n WASHINGTON, D.C. \u2014<\/strong> Today, the Consumer Financial Protection Bureau (CFPB) released a report highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the debt collection issues older Americans complain about include collectors: hounding about medical debt, attempting to collect on debts of deceased family members, and illegally threatening to garnish federal benefits. The CFPB is issuing a consumer advisory today to help older Americans deal with harassing debt collectors.<\/p>\n \u201cIt is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts,\u201d said CFPB Director Richard Cordray. \u201cOlder Americans deserve to be treated with the respect they have earned.\u201d<\/p>\n Today\u2019s report can be found at:<\/strong> https:\/\/www.consumerfinance.gov\/reports\/a-snapshot-of-debt-collection-complaints-submitted-by-older-consumers\/<\/a><\/p>\n Debt collection is a multi-billion dollar industry with more than 4,500 debt collection firms nationwide. Banks and other original creditors may collect their own debts or hire third-party debt collectors. Original creditors and other debt owners also may sell their debts to debt buyers. Approximately 30 million Americans had, on average, $1,400 of debt subject to collection in 2013. <\/p>\n Since September 2013, older Americans have submitted more complaints to the CFPB about debt collection than any other financial product or service. The CFPB analysis shows one out of three complaints were about debt collection. Today\u2019s report analyzes approximately 8,700 complaints made by older consumers to the CFPB from July 10, 2013 to Sept. 30, 2014.<\/p>\n Some older consumers say they are unable to afford debt payments especially when they are retired and live on a small fixed income. They also express concern that the distress of being harassed by a debt collector aggravates existing medical conditions, and thereby endangers their health. The CFPB has recently noted<\/span>