Brick, NJ – As the Republican candidate for the 2025 New Jersey Gubernatorial election, Rob Canfield has unveiled a groundbreaking proposal to modernize and humanize debt collection practices in the state. Focused on alleviating the financial burden on everyday New Jerseyans, Canfield’s plan introduces strict limits on when debt can be turned into a court judgment or filed in the legal system.
Under his proposal, consumer debts under $7,500 and medical debts under $50,000 per creditor per account would be shielded from legal action. This approach ensures that individual creditors cannot pursue small or unavoidable debts in court, providing much-needed financial relief for working families without penalizing them for cumulative balances across multiple accounts.
Additionally, Canfield’s proposal mandates that creditors and courts use certified mail or professional process servers for all notices and filings related to debt collection actions. Regular mail would no longer suffice to show proper service, ensuring that individuals are adequately informed and have the opportunity to respond before any legal action is taken.
"New Jersey families are already struggling with skyrocketing costs of living, healthcare, and education," Canfield said. "The last thing they need is predatory debt collection practices adding insult to injury. My plan is about fairness, protecting vulnerable residents, and ensuring people can get back on their feet without being trapped in endless cycles of debt."
Additional Consumer-Centric Proposals on Debt Reform
Canfield’s platform for debt reform includes several other measures designed to protect New Jersey residents from predatory practices while fostering a healthier financial environment:
Interest Rate Caps on Consumer Debt: Implementing a statewide cap on interest rates for credit cards, payday loans, and personal loans to prevent predatory lending.
Transparency in Medical Billing: Requiring healthcare providers to provide clear, itemized billing and cost estimates before procedures to reduce surprise medical debt.
Mandatory Mediation Before Court Filings: Requiring creditors to offer mediation options to debtors before initiating legal action, providing a fair chance to negotiate or resolve disputes.
Strengthened Debt Collection Oversight: Increasing state oversight of debt collection agencies to ensure compliance with consumer protection laws and punish predatory behavior.
Partnerships for Debt Relief Programs: Collaborating with non-profits, financial agencies, and private organizations to secure partnerships for debt relief and financial education programs, ensuring New Jerseyans have access to resources without relying solely on government funding.
Credit Reporting Reforms: Extending the time before medical debts can appear on credit reports, giving consumers more time to address outstanding balances without damaging their credit scores.
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Protecting Hardworking New Jerseyans with Debt Reform
Canfield's proposed debt reform plan aligns with his broader campaign platform of government accountability, economic fairness, and support for families. His commitment to preventing unnecessary financial strain resonates with middle- and working-class New Jersey families, small business owners, and young professionals.
"New Jersey’s leadership should prioritize people, not profits," said Canfield. "These reforms will ensure our financial and legal systems work for the people of this state, not against them."
To learn more about Rob Canfield’s proposals for consumer debt reform and his vision for a fairer, more prosperous New Jersey, visit www.rob4nj.org.
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