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The Debt Drag

Thanks so much to all of you who took part in our annual consumer issue survey! Your responses are extremely helpful, and showed us a lot about what’s going on in the financial lives of everyday Oregonians.

The most surprising responses came on the issue of debt. While we already knew this was an issue affecting a large number of consumers, it’s something that most of you who took the survey have recently experienced. Here’s a brief overview of those results:

Have you or someone close to you been contacted by a debt collector in the past two years?

If so, was the information they had about the allegedly delinquent account correct?

Were there other problems with the debt collection tactics? (Late night or repetitive calls, calls at the workplace, etc.)

Given the large proportion of you who indicated you’ve had problems with debt collection recently, we thought it would be a great time to share our latest Ask the Expert feature with Portland consumer attorney Justin Baxter. Here, Justin explains your rights when faced with a debt collector. Next week, Justin covers the statute of limitations on debt collection, and some of the common contract loopholes credit card companies may have roped you into.

One survey commentator summed it up perfectly when he compared aggressive debt collection tactics to the schoolyard bully. It’s time to stand up to bullying. Current laws allow debt buyers to purchase old debt for pennies on the dollar, then clog our court system with collection lawsuits based on incomplete or error-filled records. Over the next few months, we will be working on policy proposals aimed at cracking down on aggressive debt collection tactics and shoddy record keeping that’s costing consumers millions. In the meantime, if you have a particular story you want to share, give us a call or send us an e-mail.

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Economic Fairness Oregon is a non-profit, non-partisan organization dedicated to consumer protection and fair lending laws. Our goal is to restore a financial system built to work for the people, not against them.

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On the web: www.economicfairnessoregon.org
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Phone: 503.236.6088
Address: 813 SW Alder St. Suite 800C, Portland, 97205
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