The Three Key Challenges of International Debt Collection

Right now, there is a debate raging in the United States about whether or not debt collectors should be limited in the interest rates that they are allowed to charge. The debate was ignited by a 2015 court case that was heard by the U.S. Court of Appeals for the Second Circuit. The case (Madden v. Midland Funding, LLC.) involved a financial company that bought the plaintiff’s credit card debt. When the debt buyer (Midland Funding) tried to collect the plaintiff’s debt, the company attempted to charge a 27% interest rate.