Once-ignored consumer debts are focus of booming industry

On page one of today's Wall St. Journal, a new kind of bill collector has surfaced, one who goes after small debts. Asset Acceptance purchases consumer debt (often as little as two cents on the dollar) that creditors have given up on (usually small amounts) and goes after the debtor. How it accomplishes this is with an army of lawyers that file thousands of small-claims each year. You can see how this works usury (which should be illegal) creates debts that people can't pay so the usurers take advantage of a system that produces more lawyers than there are jobs to purchase lawyers at a discount to go after debtors, who use the small claims court system which was never intended for professional legal representation and debt collection.


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