Recently, one of the largest debt collection agencies in the country was fine more than $2.8 million for not abiding by the FDCPA laws that protect consumers. This agency was found guilty of calling consumers multiple times per day, using abusive and rude language when they called, taking money out of consumer’s accounts without permission, telling consumers they’d be sued or jailed when they wouldn’t be, and even calling consumers about debts they didn’t even owe. This unscrupulous company would not have been stopped – and fined – unless consumers just like you reported them. That’s what the FDCPA is mean to do and it works.

When you are in the process of debt settlement, debt collectors may continue to phone you but if you keep notes and remain aware of their limits, you too can file a claim against them. Even in debt, you have your rights. Many of o

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The latest report from the Commerce Department stated that the average savings rate for Americans has dropped for the last three months to 3.6 percent, the lowest point since the recession officially began. At the same time, consumer credit agency Equifax reported that consumer debt in September 2011 topped $11.2 trillion. These statistics leave some wondering if consumers are returning to pre-recession spending habits which include high levels of credit card debt.

There are two camps on the reason for the change, given the country’s anemic economic growth. Many argue that consumers are spending money on “necessary” things, such as replacement appliances, surgery, and school clothes.

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When it comes to auto loans, Susan Tompor is one of the better-informed writers in the mainstream media. Maybe it’s because she writes for The Detroit Free Press, a newspaper that serves a city in which all matters related to vehicles are of particular interest to readers.

Cheaper auto loans — and easier to get

Anyway, on Jan. 12, Tompor wrote a Free Press piece predicting two important 2012 trends concerning auto loans:

1. Rates are now at record lows, and are likely to remain highly affordable.
2. It could become even easier to get approved for auto loans.

Both of these should be music to the ears of anyone who’s planning to finance a car this year. But what’s the probability of the predictions coming true?

Auto loans accessible

The second (easy approval) is already true, and there seems little reason to expect that trend to change.

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