Debt

Bennet Votes for Bill To Protect Colorado Families, Rein in Unfair and Abusive Credit Card Company Practices

May 19, 2009 -- Washington, DC - Michael Bennet, U.S. Senator for Colorado, gave the following statement today after voting in favor of legislation in the Senate that would rein in unfair and abusive credit card company practices.

In April, Bennet cast the deciding vote in the Senate Banking Committee to send the legislation out of committee. Bennet spoke on the Senate floor last week to highlight stories of Coloradans affected by arbitrary credit card rate hikes, excessive fees and predatory practices, demonstrating a real need for the legislation. The bill passed the Senate 90 to 5.    » read more »

Legislation overhauls system, several new safeguards for consumers

May 19, 2009 -- U.S. Senator Mark Begich today joined an overwhelming majority of his colleagues in passing a major overhaul to the credit card system. The Credit Card Accountability, Responsibility and Disclosure Act, also known as the CARD Act, protects consumers from excessive fees, ever-changing interest rates, and complicated contracts designed to confuse the credit card holder.

The bill passed 90 to 5.

"As we look to rebuild our economy, we have to look out for consumers who are trying to pay their bills and stay in their homes," Sen. Begich said. "This legislation sets up several backstops to protect the credit card holder and end the abusive practices of credit card companies."    » read more »

Senator Bayh: Consumer protection bill will protect middle-class Hoosiers

May 19, 2009 -- Washington -- Senator Evan Bayh today praised a landmark credit card reform bill after it passed the Senate by a vote of 90-5. Bayh, whose deciding vote moved the bill out of the Senate Banking Committee on March 31, called the legislation a major victory for Hoosier consumers.

“I’ve heard from hundreds of Hoosiers who have been gouged by credit card companies for far too long,” Bayh said. “We passed this bill for the sake of middle-class families who are working hard to make ends meet during this recession. This is a victory for middle-class families and consumers who deserve to be treated fairly.”    » read more »

Includes Akaka Provisions to Protect Consumers in Debt

May 19, 2009 -- Washington, D.C. - The U.S. Senate passed the Credit Cardholders' Bill of Rights Act of 2009 (H.R. 627) today containing provisions authored by Senator Daniel K. Akaka to make credit card statements more informative for consumers struggling to pay down their debt and to help them find reputable credit counseling services.

"Many people don't realize that the minimum payments offered on their credit card bill can lead to hefty interest over time," Senator Akaka said. "Now statements will have to make clear exactly how long consumers will be paying if they only pay the minimum, and how much they should send in now if they want to get out of debt within a year-and-a-half.    » read more »

Praises the public for their active role in the debate

TRENTON - Congressman Rob Andrews today endorsed New Jersey Governor Corzine's Financial Restructuring and Debt Reduction Proposal that would pay down half of the state's $32 billion debt and fund transportation projects for a generation.    » read more »

Williamsville-based outfit repeatedly harassed consumers

ALBANY, N.Y. (December 18, 2007) – New York Attorney General Andrew M. Cuomo today announced that a Western New York debt collection company that acted overzealously in attempting to collect debts from consumers – including using abusive, false and misleading tactics – has agreed to pay $85,000 in penalties and costs and immediately reform its business practices.    » read more »

Reaches Agreement To Prohibit Unlawful Debt Collection

December 10, 2007 -- BOSTON – Massachusetts Attorney General Martha Coakley’s Office reached a preliminary agreement with The Cadle Company (TCC), The Cadle Company II, Inc. (TCC II), and Daniel C. Cadle (Cadle), all of Ohio, prohibiting them from engaging in unfair and unlawful debt collection as outlined in a complaint filed in Suffolk Superior Court on Friday, December 7, 2007. The defendants do not have the necessary licenses to collect debt in the Commonwealth.    » read more »

Florida Debit-Processing Firm Withdrew $200 Million in Unauthorized Charges

December 11, 2007 -- Chicago – Illinois Attorney General Lisa Madigan has joined with six other states and the Federal Trade Commission (FTC) in suing to halt a Florida company from fraudulently facilitating more than $200 million in debit charges from unsuspecting consumers' checking accounts.    » read more »

Resulting in $3 Million in Canceled Debt for 861 West Virginia Consumers

November 27, 2007 -- West Virginia Attorney General Darrell McGraw recently entered into a settlement agreement with Excalibur I, LLC, a debt purchaser based in Lake Success, New York, that resulted in the cancellation of more than $3 million in debt allegedly owed by 861 West Virginia consumers. Excalibur also agreed to dismiss 119 collection lawsuits that it had filed against West Virginia consumers and to release any court judgments that had already been obtained.    » read more »

October 26, 2007 -- Connecticut Attorney General Richard Blumenthal today confirmed that his office has issued subpoenas to the three largest debt rating agencies as part of an antitrust investigation into the commercial debt rating industry.

Blumenthal sent the subpoenas October 10 to Standard & Poors, Moody's Investor Services and Fitch Ratings Service. Standard & Poors and Moody's control about 80 percent of the debt rating market -- assessments of corporate, bank, mortgage, government and other borrowers' ability to pay back a given loan.    » read more »

Also Signs Bills Continuing Appropriations for Fiscal Year 2008 and TMA, Abstinence Education, and QI Programs Extension Act of 2007

September 29, 2007 -- On Saturday, September 29, 2007, the President signed into law:

H.J.Res. 43, which increases the statutory limit on the public debt limit;

H.J.Res. 52, making continuing appropriations for fiscal year 2008; and    » read more »

DTech Billing Service, L.L.C. cited for threatening phone calls, dubious charges

September 18, 2007 -- FORT WORTH – Texas Attorney General Greg Abbott today charged a Tarrant County-based collection firm with attempting to unlawfully collect invalid debts from consumers nationwide. The Attorney General's enforcement action seeks a permanent injunction against DTech Billing Service, L.L.C., whose illegal collection practices include threatening telephone calls, deceptive mailers and excessive fees and charges.    » read more »

September 17, 2007 -- Chicago — Illinois Attorney General Lisa Madigan today announced that a recently enacted law will afford Illinois consumers greater protections from abusive debt collection practices.

Drafted by Madigan's office and sponsored by State Senator Don Harmon ( D-Oak Park ) and State Representative Marlow H. Colvin (D-Chicago), the Illinois Fair Debt Collection Practices Act (P.A. 95-0437) will ensure that consumers receive the same level of protection under state law as they receive under federal debt collection laws.    » read more »

University of Missouri-Columbia expert says vicious cycle masks future financial headaches

Aug. 31, 2007, COLUMBIA, Mo. - College students are using student loans to bail out of credit card debt, leading to poor real-world money management skills and future financial burdens according to a personal financial planning expert at the University of Missouri-Columbia.    » read more »

Jacksonville company allegedly impersonated attorneys, government officials
to threaten clients

July 2, 2007 -- TALLAHASSEE, FL - Florida Attorney General Bill McCollum today filed a lawsuit against a Duval County collections agency, alleging that the company employed abusive tactics to collect debts from its targets. The complaint cited multiple incidents of improper debt collection practices used by Jacksonville-based Bass Prelitigation Services, bringing to light the egregious behavior that prompted the Attorney General’s investigation.    » read more »