HORRIBLE article on debt collection at bankrate.com

It is SO obvious that Bankrate.com is on the bankers’ payroll:

How debt collectors get your money

I can’t comprehend how the author Erin Peterson sleeps at night.

This bankrate.com article was crafted to mislead readers to believe that their only options are to PAY collectors or to have their wages garnished and property levied.

After over 20 years in the business, I assure you that going on a payment plan with a collector is only recommended for LESS than 5% of my clients.

Conspicuously ABSENT from  the article is the “b” word: BANKRUPTCY.

JUDGMENT-PROOF is another missing word.

Why don’t they tell you that with a little planning, at least 50% of all consumers who can’t pay their bills can become JUDGMENT-PROOF.  Many people don’t even need to file for bankruptcy!   You can have a hundred judgments against you and never pay one penny.  Corporations and the wealthy do it ALL the time.

Erin Peterson apparently “forgot” to mention that so many people have been able to get debt buyer lawsuits dismissed because they often don’t have admissible documentation for the alleged debts.  Additionally, collectors routinely violate collection and credit reporting laws, making it so easy for consumers to submit counter claims.

It is also ridiculous to state that consumers can get attorneys to represent them on contingency for FDCPA violations.  Chances of that happening are LESS than one in 100,000.

Many people are so afraid of courts, they’ll do anything to prevent getting sued and to stop the harassment calls — including going on payment plans that will RUIN their credit for many years to come and sometimes only cover interest.  But if you have a sense of right and wrong and you are healthy, mentally fit and have guts, stand up for your rights.


Update: Thought I’d let them know how I feel about bankrate.com:

To: editors@bankrate.com
Subject: Your HORRIBLE article on debt collection

Shame on you!

http://liarsandcheats.info/credit-reporting-and-debt-collection-news/2010/10/13/horrible-article-on-debt-collection-at-bankrate-com/

Christine Baker

— I can’t change how they mislead people, but they ought to know that they don’t fool everybody.



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