It is probably safe to say that American consumers are at least as savvy and circumspect as their counterparts in other countries across the globe.
After all, the United States virtually created large-scale capitalism, with its market economy dwarfing all other national economies. Sellers and buyers transact many millions of times each day across the country regarding a wide universe of goods and services, and the spoils go to the victor.
OK, that last sentence above is likely a bit dramatic. Perhaps a better way to spotlight what is a central reality in American business exchanges is to simply note this: The unwary get fleeced.
And there is, indeed, a fair amount of fleecing associated with the country’s fast-paced and sophisticated economy. Not every purveyor of items is steadfastly fair and honest; indeed, many sellers cast their products in fraudulent terms. Some charge serious interest rates and engage in bait-and-switch tactics. Some resort to bullying and harassment in their treatment of debtors.
A thriving capitalism obviously requires some ground rules and a fair playing field, which in turn requires consumer-protective regulations that address deceptive, harassing and predatory behavior.
An online legal information provider discusses one source of consumer protection, namely, the U.S. Consumer Financial Protection Bureau. The CFPB is an independent entity that began drafting and enforcing regulations regarding financial products in 2011. The bureau additionally serves as a repository for consumer complaints against fraud, abuse and harassing behavior engaged in by lenders, collection agencies and other actors in the financial industry.
The CFPB can indeed be a useful consumer ally and source of relevant information for people with questions or concerns about unscrupulous business behavior.
Perusal of the bureau’s website might also lead to many reasonable consumers contemplating a visit to a proven debt-relief attorney’s office for a candid discussion regarding a debt-related matter. In some instances, a truly serious debt problem — owing perhaps to medical bills, credit card outlays, mortgage-related difficulties or related matters — can render a serious solution like bankruptcy a viable response to harsh financial challenges.
In summary, a consumer can certainly turn to the CFPB for information and, in some instances, help with a complaint. In many instances, too, a proven debt-relief attorney can provide valuable assistance to a debtor seeking a meaningful response to financial difficulties.