Limiting Psychological Damage From Debt Collections

Wall Street Journal
September 9, 2010

When Joe Bonadio negotiated a 69% reduction in $54,000 of credit card debt this year, his most valuable tool was a caller ID box with ring controller made by JF Technical Developing Co.

By blocking his telephone’s ring on designated numbers, the device kept the financially strapped musician from Mt. Vernon, NY, in peace while representatives from the country’s three biggest banks barraged him with 40 to 50 automated calls a day.

Although Bonadio is happy to have cleared his debts with Citibank, Chase and Bank of America, what he learned of the banks’ methods left him bitter.

“They know what’s going to drive you nuts and that you are going to give them $60 just to shut the phone up,” he said. “I’m not a religious person, but it is as if Satan said, ‘I want to be on earth,’ and God asked him ‘What are you going to be?’ And he said, ‘I’m going to be a bank.’”

Millions of Americans forced into the same situation since the financial crisis are similarly disillusioned.

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