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Holiday debt and the rise of collection agencies
The article cites a surge in holiday debt, with Visa and MasterCard reporting higher card spending. It notes about 227 million accounts totaling $75 billion were handed to collectors in 1992, describes the Fair Debt Collection Practices Act protections, and suggests strategies to handle debt including negotiating with creditors and writing to cease communication. It includes quotes from Costanzo, Detweiler, Cherico, and Davis on practices, abuses, and in-house collections.
MENTIONED IN THIS ARTICLE
Craig J. Costanzo
Management Adjustment Bureau Inc
Buffalo, N.Y
Visa
MasterCard
Costanzo
American Collectors Association
Minneapolis
ACA
Gerri Detweiler
BankCard Holders of America
Herndon
Detweiler
Holly Cherico
Council of Better Business Bureaus Inc
Arlington
Bill Collection
Federal Trade Commission
Phil Davis
Nations Bank Corp
Charlotte
N.C