Auto Loans and Medical Debt Can Become Traps for Consumers
Lenders employ deceptive practices, aggressive (and illegal) collection techniques
A new report reveals that auto loans and medical debt can be danger zones for consumers in the financial marketplace.
Report Highlights Unfair, Deceptive Practices in Consumer Lending | Advocate Andy | NewsBreak…
Auto lenders, payday loans, and medical debt carry significant consumer risk. The Consumer Financial Protection Bureau…
The report notes that auto lenders not only engage in deceptive practices to inflate the price of the loan but also use aggressive collection tactics that sometimes crossover into being illegal.
The report also highlights illegal collection practices when it comes to medical debt, including attempting to collect on debt that has already been paid and threatening lawsuits even when a debt is outside the statute of limitations.
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