4 chapters across the catalog
A new federal law mandates that the IRS use private debt collection agencies to recover back taxes. The hosts express concern that this will lead to an increase in phone scams, as the IRS previously told taxpayers they would never be called for collections. They mock the inefficiency of the program's payment structure.
Netherlands Economic Crisis, Cashless Society, and ING Bank
The Netherlands is facing a severe economic crisis with consumer debt reaching 250% of available income. The hosts report on technical glitches at ING Bank that left customers with zero balances and unable to use debit cards at supermarkets. They warn that this may be a "dry run" for a cashless society where the government can easily seize a percentage of private wealth.
Bankruptcy Reform Law of 2005, Credit Card Debt
A Federal Reserve member's paper suggests the 2005 bankruptcy reform law is a primary cause of the current economic crisis. By tightening laws to protect big banks and making credit card debt non-dischargeable, the law forced consumers to sell homes to pay off high-interest debt, destabilizing the housing market.
Gym Membership Debt, Collection Agency Scams
A personal anecdote details a dispute over a £349 gym membership debt in Guilford that escalated when a collection agency posed as a law firm. The agency attempted to collect £500, significantly more than the original debt, by using threatening legal language. This is cited as a common predatory practice where agencies buy debt and tack on excessive fees.
