Nexa Collect
FEBRUARY 13, 2021
The Solution: Collect Deposits. Create a customer payment plan that is less than the time you have left to settle your own payables (for example, if a retailer gives you 60 days to pay an invoice, you should give your customers 30 days). To avoid this scenario, require deposits upfront. The Problem: Unforeseen Shutdowns.
Fico Collections
FEBRUARY 21, 2023
Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruing interest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19 19 report on Consumer Credit).
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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
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.
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.
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