Creditors can now slide into your DMs on social media to ask for money

Creditors in the US can now slide into your DMs to ask for repayment, according to the new rules by the Consumer Financial Protection Bureau (CFPB).

You can now be asked, or reminded to repay your loans on social media websites. Experts fear the move would influence scam artists to setup unsuspecting consumers and scam them out of millions.

Those in favor of the rules insist them to be just an updated version of the outdated rules from the 70s.

Under the new rules, creditors are bound to message you privately. They can in no way ask you for money publicly on social media.

The rules are seen as a win for creditors who have long argued that the rules were long outdated since the innovation of cellphones and the internet.

Consumers would have the option to deselect being contacted on social media, but creditors will not require your permission to establish contact.

Creditors will now be limited to 7 calls per week for each debt. People with more than one loan may be contacted over a dozen times each week.

They will also be restricted to not contact consumers within the same week who they have already talked to about the particular debt.

Some experts also fear that online reminders might never reach their destination as many users can still be without the internet for days or weeks. They could be sent to the wrong person, or could never leave the servers on time.

All this would affect the consumer who may get notices, and stricter warnings.

Others argue that with time, everything will be sorted out and the new updated rules will gradually benefit everyone.