Al Franken: “we have big problems in the debt collection industry that are long overdue in being addressed. Before I even begin, I…”

“we have big problems in the debt collection industry that are long overdue in being addressed. Before I even begin, I wish to preface my remarks by saying when someone takes out a loan, they ought to pay it back. I have no intention of making it easier for people to skip out on legitimate debts. But we also cannot sit idly by as debt collectors prey on good people who have always tried to do the right thing. In 1977, by my calculations 33 years ago, Congress passed the Fair Debt Collection Practices Act to protect consumers from abusive practices by debt collectors. But times have changed and that law needs updating. Congress did not foresee the abuses that would arise as the growing debt collection industry found ways around the intent of the law to make a profit on the backs of hard-working Americans. All around our country, there are numerous stories of people being taken advantage of by unscrupulous debt collectors. The debt collectors do not let the law or common decency stop them from doing whatever it takes for them to make a buck. Those abuses include nasty and harassing calls, including the use of racial slurs and going after innocent people for debts they do not owe.”