As people are being financially squeezed, the rate of delinquencies on auto loans, credit cards and HELOCs is rising dramatically. Of course, it goes without saying that the collection agency biz is a huge one. It's also the latest thing to be outsourced, according to The New York Times. Collection agency calls are being sent offshore to countries such as India.

As kind of a corollary to this, you may notice that you'll start receiving collection calls out of the blue if you have old debts. Collectors are looking at the tax rebate checks as money to be tapped immediately on past due debts.

If you do get the call, what are your rights? You have the right to tell them in writing not to bug you. Use Clark's drop dead letter to help. If they don't comply, you can take legal action against them.

There is one exception to this rule. Banks are allowed to use their own in-house employees to act as collectors. They must, however, stop short of threatening you with physical harm.

Collectors are also allowed to call about a debt even if it's very old. In many states, these "zombie" debt calls present a double danger. If you pay them even as little as $1, they can turn around a file suit on the debt to get a judgment against you. Even if it's 25 years old! So watch out…

Finally, Clark always wants you to honor your debts. If you can't do it right now, wait until you get back on your feet financially and then do it.