From
e-wisdom.com -Consumers in the U.S. have been facing an increased debt burden in recent months, and some turned to credit cards to meet their monthly payment obligations and took out more nonrevolving credit lines for big purchases. However, there could soon be changes in how companies collect this debt due to the passage of a new law in New Mexico. The law states that borrowers cannot be taken to court for long-overdue debts, and was spurred on by attention from the Federal Trade Commission, which has seen a recent rise in complaints pertaining to this type of debt. In addition, the rule requires debt collectors in New Mexico to inform inquiring borrowers whether the statute of limitations on the loan has passed, The Wall Street Journal reports. For those who are struggling with credit cards, this means they can be freed of any court obligation on unpaid debt four years or older. More
here
Debt Burden Could be Eased for New Mexico Residents
From e-wisdom.com -Consumers in the U.S. have been facing an increased debt burden in recent months, and some turned to credit cards to meet their monthly payment obligations and took out more nonrevolving credit lines for big purchases. However, there could soon be changes in how companies collect this debt due to the passage of a new law in New Mexico. The law states that borrowers cannot be taken to court for long-overdue debts, and was spurred on by attention from the Federal Trade Commission, which has seen a recent rise in complaints pertaining to this type of debt. In addition, the rule requires debt collectors in New Mexico to inform inquiring borrowers whether the statute of limitations on the loan has passed, The Wall Street Journal reports. For those who are struggling with credit cards, this means they can be freed of any court obligation on unpaid debt four years or older. More here
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2 comments:
This is plain wrong. Someone who runs up a debt has an obligation to pay the debt back. If you go to a Shylock, you get what you deserve. Too many people in this country, borrow NOT for what they need but for what they want. People here are confused about what is necessary versus what is simply a desire. You don't need $150 tennis shoes when a $30 pair will at least cover your feet. You don't need a new car for $30K when a $1K beater will get you around. There is way too much vanity about material things in our society.
Regardless, one is honor bound to pay back one's debts. Laws that protect the borrower at the expense of the lender are not legitimate. It is not government's place to make laws that do not protect everyone equally. Laws that are not equally applicable to everyone are not legitimate. Spend some time reading Blackstone. Learn the history of our legal and governmental systems.
Lawyers are the root cause for almost every inefficiency and imbalance in our society today. Get rid of the lawyers or reduce their influence and life will improve dramatically.
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