Every year,
several hundred thousand people across the United States are sued by companies
they have never done business with and may never have heard of.
These firms are
called debt buyers and although they have never loaned anyone a penny, millions
of Americans owe them money. Debt buyers purchase vast portfolios of bad
debts—mostly delinquent credit cards—from lenders who have written them off as
a loss.
They pay just pennies on the dollar but can go after alleged debtors
for the full face value of every debt plus interest at rates that routinely
exceed 25 percent.
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