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Debt Collection Statistics

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One out of every ten Americans came out of the 2009 financial crisis with one or more debts in collections according to the Consumer Financial Protection Bureau (CFPB).

Still, as 30 million Americans — struggle to pay down their debt; they’re being bombarded with calls, letters and even threats from debt collectors to pay- up. According to the Federal Trade Commission (FTC), harassing consumers to collect a debt is illegal, as it violates the Fair Debt Collection Practices Act.

Director of CFPB Richard Cordray says, “It doesn’t matter who is collecting the debt — unfair, deceptive, or abusive practices are illegal.” While some collection firms follow the rules laid down by the FTC, others still use collection tactics to coerce consumers into paying.

Here are the stats…

General debt collection statistics

Types of complaints received by the CFPB

The CFPB receives numerous complaints every day.

Most common type of debt collection complaint received — reports that debt collectors continue to collect a debt the consumer say they do not owe

Number of debt collection complaints the CFPB has handled since it began accepting complaints at the end of 2013 — approx. 30,300

Complaints submitted through the Federal Trade Commission (FTC):

Number of grievances consumers submitted to the FTC in 2013 and the reason for their complaint:

In 2013, number of consumers who complained that debt collectors either led them into believing that they owed a debt that they didn’t owe, that they owed more than they actually owe, or sought to collect a debt that has already been discharged in bankruptcy — 23,068

Struggling with unlawful or abusive collections?

Despite reports the economy is on the upswing, some consumers are still hanging by a string, and struggling to recover. If you feel you’re being harassed by debt collectors in any way, don’t be shy about filing a complaint. The CFPB has added five action letter templates to its complaint database to help you correspond with your creditors.

And if you’re facing abuse or threats, fight back today! Call Debt.com or complete the form to request help to end collector harassment now.

All statistics gathered from: https://files.consumerfinance.gov/f/201403_cfpb_fair-debt-collection-practices-act.pdf

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