On a slightly different note - Diane Rheemes did a show on consumer debt the other day. Some car companys make more money on defaulted loans than they make on selling cars. One car loan program had a 46% default rate IIRC
Banks have 180 days before they are required to write off bad debts. So the banks sell the debt to collections agencies for pennies. Much of the info is bad, and collection agencies chase people for years on debts that they do not owe. And the collection agencies try to make huge profits on the debts. If you ever default on a loan, you can save yourself lots of hassle by contacting the bank within the 180 day period before they sell the debt to a collection agency. Most of the consumer debt is concentrated in the poor areas of the South IIRC. crazy crazy crazy -- You received this message because you are subscribed to the Google Groups "massfire" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/massfire. For more options, visit https://groups.google.com/d/optout.
