I don't doubt for a moment that a collection agency showing up at the door demanding that an old, large, debt be paid on the spot or they would confiscate property is pretty frigging scary. However, why are they able to do that? Because you, the individual, the one with the credit card(s) has failed to properly manage your cash flow.
It is that, almost unnoticed by policy-makers, many millions of Americans have slid, or been pushed, into a debtor's hell where bank accounts are drained, wages are attached, property confiscated, and threats of jail are an everyday occurrence.
No hyperbole here. Millions pushed into debt. Um, no. Millions who needed an annual trip to Disney, a new television every 18 months, a new car on the same schedule, cell phones, brand name clothing... but I'll bet it's not even millions. The Globe doesn't offer any support for that number.
An estimated one of every 11 consumers has at least one credit card that is more than 90 days past due, according to nationwide data provided to the Globe by the credit reporting agency Experian.
Finally, we have source for an "estimated" scary number. The article is getting more & more scary. I'm sure we'll soon see the call for a law that either calls for income redistribution or laws allowing people to overspend without repercussion or both.
Seizing cars to collect old debts is lawful in Massachusetts. But time and again, those working on the Goldstones' behalf have turned it into an excruciating ordeal for consumers, making dark-of-the-night collection visits, and holding cars hostage until debtors can scrounge up the cash to pay down a past-due amount.
Really sounds horrifying. Probably should have tried paying your debts and keeping paperwork in order. But I was wrong, the Globe just went on & on about how scary & mean these guys are and that's the article. I'm shocked that no new laws were proposed.
ps: GeekWife has probably kept me from getting into trouble with credit cards because I could go pick up a Bushmaster & one of those sweet Springfield .45's & a Martini-Henry I saw over at IMI, and...
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