True Accord

MARCH 5, 2024

Today, about 61% of American households have credit card debt and the average credit card debt balance sits at $5,875. On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans.

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Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans.

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Better Credit Blog

APRIL 4, 2022

Most commonly, a debt collector will try to make you feel guilty, implying you’re stealing or not doing your part as a responsible citizen by not being able to pay your medical bills or credit card debt. Many collection agencies purchase old debts from various companies after the company has written off the debt.

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Sawin & Shea

OCTOBER 26, 2022

Common unsecured loans include: Bank loans with no collateral. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Credit card debts.

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Sawin & Shea

FEBRUARY 28, 2024

You can discharge an unsecured loan whether it’s current, delinquent, or in default, even if the original lender sold it to a collection agency or debt buyer. Can I discharge tax debt through bankruptcy? However, it is difficult to qualify that soon. Some lenders may also have additional eligibility requirements.

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Collection Industry News

MARCH 19, 2024

Today, about 61% of American households have credit card debt and the average credit card debt balance sits at $5,875. On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

National Service Bureau

JUNE 23, 2015

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies.

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National Service Bureau

MARCH 29, 2015

According to the Consumer Financial Protection Bureau there were 38,751 Debt Collection complaints filed in 2014, a 67% increase from the average rate in 2013. It is especially relevant when dealing with sensitive issues such as student debt or medical billing, where the circumstances are oftentimes out of the debtor’s control.

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Sawin & Shea

AUGUST 30, 2023

Debts from willful and reckless acts, embezzlement, fraud, or larceny. If you allow the bank to take your house, these debts will be discharged. HOA fees: As with your car and house debts, this depends on what you decide to do. Unscheduled debts: These are debts you neglected to list when you filed for bankruptcy.

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Credit Corp

AUGUST 31, 2021

This means that even a debt that is older than that may still be able to be collected on if you’ve made a payment sometime in the last four to six years. In some states, a collection agency cannot try to collect at all once a debt is past the statute of limitations. Always respond to legal summons.

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Taurus Collect

JANUARY 24, 2023

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! But if you use the right strategies during tax season, you can make a big dent in your debt load.

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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. But it’s especially frustrating if your debt is several years old. If you know you owe the debt and you now can to pay it, you can do so.

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Re:Ceeve

JULY 9, 2020

In America, Federal Reserve Data indicates that the percentage of Americans under 35 with credit card debt has dropped to its lowest level since 1989. However, monumental US student loan debt is stopping millennials from buying homes. million millennials are expected to be digital banking users by the end of 2022.

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Troutman Sanders

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

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Debt Guru

AUGUST 30, 2021

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. There are two forms of bankruptcy: Chapter 7 bankruptcy is when you go to court and ask that all of your outstanding debt is discharged.

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Sawin & Shea

AUGUST 4, 2021

On the other hand, you will still be liable for homeowner’s association fees until the bank/lender manages to foreclose on your house. An automatic stay temporarily prevents creditors, collection agencies, government entities, and others from hounding you for money that you owe.).

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Better Credit Blog

APRIL 6, 2022

Never give a debt collector access to your bank account. Ad Find a local expert to help remove charge offs Removing a charge off from your credit report can be a lot of work, so you may want to talk to an expert. This is important to understand in case you’re contacted by a collection agency you don’t recognize.

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Debt Guru

JULY 26, 2020

If you don’t pay your credit card bill on time, you’ll face late fees, higher interest rates, and damage to your credit score. Continued missed payments will subject you to a world of financial hurt: Your card could be frozen, you could be hassled by a collection agency, and you might get sued.

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Fico Collections

MAY 19, 2021

From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. by Matt Cox.

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Debt Recoveries

OCTOBER 24, 2021

Reading Time: 4 minutes Being a debt collection agency, we often receive queries asking for advice as to how one can get themselves out of debt. It’s not always easy and sometimes, paying off debts can take years. . Avoid using debt consolidators or “debt relief” companies. Write a Budget.

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Collection Industry News

SEPTEMBER 23, 2020

In Alabama, if a judgment is entered against you, the creditor who got the judgment can do several things as far as trying to collect on the judgment. • It can garnish wages and bank accounts, • It can force the sheriff to seize your home, real estate, and personal property. Asserting consumer financial protection claims.

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Credit Corp

JULY 20, 2020

A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. Credit card debt was more likely to be charged off than other forms of debt. But what is a charge-off, and how much does it impact your credit if your balance is charged off as bad debt?

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Fico Collections

JANUARY 18, 2023

There is also unease around BNPL as a competitive offering to traditional credit markets, its impact on consumers and the ability to successfully spot over-indebtedness. Positive Signs for Debt Resolution. Many consumers have been paying down debts; outstanding credit card debt decreased 3.7%

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Troutman Sanders

AUGUST 2, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. million, to people who lost money to credit card debt relief schemes. For more information, click here.

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