Monday, June 6, 2016

Debt Buyers and Debt Collectors: Society's Bottom Feeders

As usual, John Oliver nails the debt buying and debt collection industries to the floor in a blistering 20 minute segment. Over the years I've written about these bottom feeders of U.S. capitalism (here, here, here and here), but even I had no idea the "industry" had sunk to such ignominious depths as he outlines in this segment (debt collection from old people, dead people, out of statute debts, etc).

And considering that most debt is not credit card, mortgage or even student loan oriented, but medical-related debt, no wonder calls for this industry to be put out of business via regulation (or prosecution) are growing by the day.

Watch and enjoy...the debt collection company he started, Central Asset Recovery Professionals, Inc. (or "CARP after the bottom-feeding fish") is freaking hilarious. And buying $15 million in out of statute medical debt for less than $60,000 and then forgiving it...that's sweet.

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