Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. The post Trade Groups File Summary Judgment Motion In Texas Lawsuit Challenging CFPB Loan Rule That Is Payday appeared first on Collection Industry News.

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Credit Corp

OCTOBER 24, 2023

These balances will add up and accrue interest, which can balloon your credit card debt and impact your payment history, lowering your credit score. If you incur an inactivity fee, contact your credit card issuer and the Federal Trade Commission’s Bureau of Consumer Protection. Should You Close a Credit Card You Don’t Use?

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Troutman Sanders

NOVEMBER 11, 2020

Such an itemization “discloses the interest or other charges that have been assessed between a date in the past … and the date of the notice,” and therefore “cannot be construed as forward-looking: Id at 19 -20, citing DeGroot at *3. CFPB’s proposal is consistent with suggestions from the Federal Trade Commission, see Fed. Id at 23341.

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Collection Industry News

OCTOBER 17, 2023

“The 36% interest rate cap for active-duty servicemembers and their families has proven to be a highly effective measure in providing protection against predatory lending practices,” Grothman said in an email. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen.

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ABI

JANUARY 22, 2023

the United States Court of Appeals for the Ninth Circuit held that solvent-debtors are required to pay unimpaired creditors their bargained for post-petition interest rate. [1] 7] Generally, under the Bankruptcy Code, once a debtor files for bankruptcy, an unsecured claim no longer accrues interest. [8] 21-16043, 2022 U.S.

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Credit Corp

MAY 1, 2021

The average American has about $6,000 in credit card debt , with a large percentage of this amount resulting from accrued interest. With a limited understanding of how credit cards work, many people end up paying more interest than they should over the term of their credit card. Pay Off Your Mortgage Early.

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Better Credit Blog

APRIL 11, 2022

You can transfer your high-interest rate debts to this card while the APR is suspended, and by the time your new card accrues interest, you’ll have paid off most of your debt. To learn more, visit the Federal Trade Commission's website. This rate is usually offered for about 12 to 20 months. Debt consolidation loans.

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