Saturday, August 16, 2014

Know your collectors

Megan McArdle recommends a story about the world of really old debt.
The multiple layers of debt collection makes for an enforcement nightmare if you fall prey to them.
The Federal Trade Commission, which is in charge of regulating this stuff, is not really equipped to rid the world of a bunch of fly-by-night collection shops operating out of temporary office spaces or the back of some guy’s warehouse; it's good at wrangling with corporations that have big, marble-floored headquarters that can’t easily be moved to a nearby shed if the government comes knocking.

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