When a consumer owes money to a company and is not paying or is unable to make the minimum payment, sometimes the company will turn the debt over to a collection agency. A collection agency is a business that arranges for the payment of outstanding account balances and money owed to a company.
What are the rules for payday lenders?
Collection Agency Rules
Does it seem like all of your friends are living large and spending more? It’s common for people to feel the Fear of Missing Out (FOMO) -- when they think others may be experiencing better things or having more fun. Buying based on FOMO has increased with the rise of social media.
Our economy has experienced many ups and downs in the past two years due to the pandemic, inflation, increasing interest rates, and now a looming recession.
Rising prices may affect some New Brunswickers’ ability to meet day-to-day expenses, causing them to consider a loan from an online payday lender as a short-term fix to an immediate financial need.