Daily Digest – February 15. IRS Working on Outsourcing Timeline; Collecting With Your Hands Tied Behind Your Back

CONSUMER DEBT BURDENS GROW

• The Federal Reserve Bank of New York has released its quarterly survey of household debt and credit. The data, which is through the fourth quarter of 2015, shows increased levels of debt, while the amount of new loans originated and delinquency rates were relatively flat.

CONSUMER GROUP SHARES ITS VIEWS 

• The executive director of the Alliance for a Just Society has followed up on the group’s report with a column about how debt collectors should be further regulated and penalized when employing harassing and illegal activities. According to the group, 40% of people being “harassed” by debt collectors did not owe a debt in the first place.

IRS WORKING ON TIMELINE

• Instead of being able to have contracts signed with debt collectors by March 1, as mandated by a federal law, the Internal Revenue Service expects to be able to provide a timeline for implementing the renewed partnership with private agencies, the director of the agency said last week. The director, testifying before the Senate Finance Committee, did not offer a reason for the delay.

COLLECTING WITH YOUR HANDS TIED BEHIND YOUR BACK

• How about trying to collect on a debt where you can not sue nor can you report the debt to a credit bureau? It’s not very likely that your collection rates are going to be very high and that is the problem with the agency trying to collect on unpaid speeding tickets in Cedar Rapids, Iowa. The tickets are issued automatically by cameras that record the speed of vehicles driving by, and issue tickets to the owners of cars that are violating the speed limit. But the collection agency in charge of collecting on those tickets is not allowed to sue nor it is allowed to report to the credit bureaus. “That’s really good news,” said one resident, making the understatement of the year.

WORTH NOTING: What the rich can learn from the poor … How to turn around a bad day … Five ways to kickstart your morning … The CEO at Bank of America got a hefty raise … Three techniques to be a better salesman … The list of candidates to replace Supreme Court Justice Antonin Scalia, who passed away on Saturday … And the debate over who should get to pick Scalia’s replacement … A new trailer for “Game of Thrones” has been released … Last night’s episode of “The Walking Dead” may have been its best yet … Daytona spent $400 million to update its racetrack … Smartphones that can detect earthquakes … What makes a good app? … Profit problems come from misunderstanding pricing.

Why changing the date in your iPhone can lead to a lot of problems

The effects of looking at two screens at once

 

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