Capitalism and a consumer-driven economy have always been centrally identified with the United States, being cornerstones of the nation's development and business realities since its very inception.
Thus, it is not surprising that many people readily understand the phrase "caveat emptor" and why it routinely surfaces in discussions regarding the transactions that make capitalism tick: lending and borrowing activities, sales efforts, promises regarding quality and performance, and so forth.
Buyer beware. That phrase is flatly part and parcel of the American consumer-related vocabulary. People in Florida and elsewhere across the country with money in their wallets are constantly deluged by sellers of various goods and services, and they need to be duly mindful of marketplace realities as they transact.
One baseline reality is this: Some sellers and lenders will say and do just about anything to get a consumer on the hook. Moreover, and once on that hook, many debt enforcers will test the boundaries of legality -- or egregiously exceed them -- in efforts to collect on money that is allegedly owed.
The American economy is a singular and -- in many respects -- a wonderfully performing machine that fuels growth and has catapulted the United States ahead of other countries in virtually every measurement of economic power.
That reality requires both savvy consumers and more than a few protective regulators that look out for the interests of the general public. As people buy homes and cars, amass student debt, spend on their credit cards, deal with collection agencies and so forth, they need to be ensured that a level playing field exists to guide their engagement in financial matters.
A national provider of online legal information discussing the Consumer Financial Protection Bureau points to that entity as being one such central ally for consumers nationally.
The CFPB was established by the federal government only recently, following the so-called Great Recession that wreaked havoc on consumers across the country, and it now has a central role in protecting consumers as they interact with purveyors of financial products. It is often a useful resource for people who can resolve certain concerns through its complaint process or who might ultimately need to turn to the services of a proven debt-relief attorney for assistance.
We will discuss the CFPB in some detail in our next blog post.