Collection Industry News

AUGUST 6, 2023

Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found. 30, 2024, missed monthly payments will not be considered delinquent, reported to credit bureaus, placed in default or referred to debt collection agencies.

Student loans 40

Student loans Student Loans Credit Card Debt Loans 40

Collection Industry News

OCTOBER 17, 2023

The average interest rate for all cardholders jumped to more than 21% in August, the highest on record, according to Federal Reserve data. Some cards — retail store cards, in particular — charge more than 30%, said Ted Rossman, industry analyst for CreditCards.com. Josh Hawley, R-Mo., Minimum-payment math is brutal,” he said.

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

True Accord

JULY 13, 2023

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations and preferences when attempting to collect and employing digital strategies to boost engagement are more important than ever. What’s Impacting Consumers and the Industry? NPAS, Inc., to establish a concrete injury. 9%) to $17.05

Financial Institution 66

Financial Institution Student loans Student Loans Loans 66