Debt In The News

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50 good things about being debt-free

12:00pm Oct 13th 2006
by Steve Bucci • Bankrate.com

I had a song running through my head when I was thinking about debt and then had an epiphany: Not since Paul Simon advised couples on "50 Ways to Leave Your Lover" has there been such a need for a new list.

I'm always telling people that they should deal with debt, and not "slip out the back, Jack," but maybe I don't dwell often enough on the sugar that comes after you take your medicine by paying off those bills.

Nightmare Mortgages

4:04pm Sep 1st 2006
By Mara Der Hovanesian

For cash-strapped homeowners, it was a pitch they couldn't refuse: Refinance your mortgage at a bargain rate and cut your payments in half. New home buyers, stretching to afford something in a super-heated market, didn't even need to produce documentation, much less a downpayment.
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Those who took the bait are in for a nasty surprise.

IRS Warns Against Phony Debt Collectors

12:01pm Aug 23rd 2006
by Guardian Unlimited

WASHINGTON (AP) - The IRS warned taxpayers Wednesday not to be duped by scammers posing as private debt collectors the agency has hired to chase unpaid tax debts.

The Internal Revenue Service designed the debt collection program to minimize that risk ``because we know what it's like out there with regard to identity theft nowadays,'' said Brady Bennett, IRS director of collection.

DIRECTV Telemarketers To Pay $75,000 Penalty for Do Not Call Violations

12:00pm Aug 15th 2006
from ftc.gov

Settlement Stems from Complaint Brought by FTC in December 2005

The Federal Trade Commission today announced it has entered into a court settlement with Nomrah Records, Inc. and its president, Mark Harmon – named defendants in the recent DIRECTV telemarketing case. Under the settlement, filed today by the U.S. Department of Justice (DOJ) on the FTC’s behalf, Harmon will pay a $75,000 civil penalty and both he and the company will be barred from violating the Do Not Call (DNC) Rule and Telemarketing Sales Rule (TSR) in the future.

In December 2005, the Commission charged DIRECTV and other defendants that telemarketed on DIRECTV’s behalf with violating the DNC Rule and the TSR by calling consumers, despite the fact that their numbers were on the National DNC Registry. In settling the charges, DIRECTV paid $5.3 million, representing at the time the largest-ever DNC penalty obtained by the Commission.

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