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Think you've got the FDCPA (Fair Debt Collection Practices Act) figured out? Don't be so sure. While nothing can take the place of a lawyer's advice, if you've at least overcome these three biggest myths about the law, you may save yourself a lot of money and heartache.

FDCPA Myth 3: the Fair Debt Collection Practices Act is the only law governing collections:

Fact: The FDCPA is a US federal law. Each state has additional laws that govern fair debt collection practices. Some portions of those laws may have been invalidated by the federal law. But, as a general rule, state laws are valid if they provide greater protections (or restrictions, depending on your point of view), and invalid if they allow debt collectors too much leeway. Meanwhile, other countries have their own laws, which may or may not apply if the collector or debtor is currently located outside the US.

Reality: it is important to keep in mind all the relevant state laws. Those state laws may include the laws of up to three or even more states: the debtor's current state of residence, business, and/or work