Consumer Debt Collection and Consumers' Legal Rights: An Overview

Author(s)	Dr. D B Ravikumar
Country	India
Abstract	Debt collection plays a significant role within the consumer credit ecosystem, yet it has markedly garnered minimal attention within the economics literature. While regulations governing collection procedures can be beneficial in safeguarding consumers, there exists a possibility of unintended consequences arising should the expenses associated with implementing better practices be shifted to creditors. This, in turn, may prompt creditors to constrict consumers' access to credit or escalate prices as a result. In an effort to shed light on the impact of recent laws and regulations pertaining to conduct limitations, a detailed analysis was conducted using data derived from new credit card accounts in four states that enforced such restrictions. The study unearthed that these restrictions indeed curtailed access to credit card accounts and led to a rise in interest rates, albeit the magnitude of this effect was observed to be comparatively negligible.
Keywords	Debt collection, Consumer, Legal rights, Law, Debit collectors, Consumer credit, Collection tactics
Published In	Volume 10, Issue 2, July-December 2019
Published On	2019-07-10
Cite This	Consumer Debt Collection and Consumers' Legal Rights: An Overview - Dr. D B Ravikumar - IJAIDR Volume 10, Issue 2, July-December 2019.

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