Debt collectors now have social media freedom

Debt collectors can now reach out to people by direct message on social media.
CBS News reports that new financial regulations went into effect Tuesday that allow debt collectors to contact people on their social media accounts.
However, the debt collectors have to follow certain rules when contacting a person. They cannot post on a person's wall and they must immediately identify themselves, according to Insider.
The publication reports that debt collectors must also give people the option to opt-out of receiving messages on social media.
The new regulations also put new limits on phone calls. According to CBS News, debt collectors are limited to seven calls a week for a specific debt.
The updated regulations were approved last year due to the changing ways people communicate.