Collection Industry News

APRIL 25, 2022

consumers said they use digital installment payment services to avoid credit card debt. Consumers turning to BNPL services to avoid credit card debt is not surprising, given that both millennial and Gen Z shoppers have complicated relationships with credit cards. Eighty percent of U.S.

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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. Plus, 71% of consumers expect personalized experiences, which means one-size-fits-all outreach isn’t going to cut it in collections.

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Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections?

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. consumer credit card debt has increased to nearly $1 trillion.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Fico Collections

JANUARY 13, 2022

Now that we’ve turned the page on the calendar, and entered the third year of the global pandemic, what are the challenges facing debt collection and debt resolution professionals? Many consumers have been paying down debts; outstanding credit card debt decreased 3.7% Stress on Household Wallets.

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Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

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Collection Industry News

NOVEMBER 13, 2023

As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Why credit card debt keeps rising Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, according to Matt Schulz, chief credit analyst at LendingTree.

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Fico Collections

SEPTEMBER 8, 2021

Here are some reasons why consumers were more focused on reducing their credit card debt: Reduced spending because of pandemic-related restrictions on travel and entertainment, along with a more judicious mindset because of the economic uncertainty created by the pandemic. by Tommy Lee.

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Debt Free Colorado

FEBRUARY 21, 2022

Does Colorado Law Protect Me From Debt Collectors? 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. What is the Federal Fair Debt Collection Practices Act (FDCPA)?

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Collection Industry News

DECEMBER 1, 2022

Consumer financial protection laws safeguard borrowers’ control over how and when they pay back debt, including credit card debt. For example, the Truth in Lending Act (TILA) contains important protections for consumers who have both a credit card account and a savings or checking account with the same bank.

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Sawin & Shea

MARCH 27, 2024

When you file a Chapter 7 petition, you’ll receive an automatic stay protecting you from lawsuits and other collection efforts. This bankruptcy protection will prohibit a collection agency or another creditor from recovering debt or taking action against you. Will My Bankruptcy Filing Impact My Current Employment?

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Collection Industry News

DECEMBER 21, 2022

News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more.

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Collection Industry News

SEPTEMBER 21, 2021

The report, “Financial conditions for renters before and during the COVID-19 Pandemic,” finds that some government relief efforts likely helped maintain the financial stability of renters and their families. The post CFPB Says Renters At Risk As Pandemic Safety Net Ends appeared first on Collection Industry News.

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Collection Industry News

MAY 19, 2023

“The fact that they didn’t fall in Q1 this year doesn’t bode well for the rest of the year,” said Matt Schulz, chief credit analyst at LendingTree. Effects of robust spending To this point, credit card debt has been rising at the sharpest pace of any debt covered in the report, said Ted Rossman, senior industry analyst for Bankrate.

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Fico Collections

OCTOBER 28, 2022

We’ve seen FICO® Scores in Canada steadily increase throughout the pandemic due, at least in part, to strong performance of equity markets, sustained economic growth, a booming real estate market , payment accommodation programs by lenders , and government stimulus which helped boost household savings to unprecedented levels.

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Collection Industry News

JANUARY 23, 2023

The US has hit its debt limit, with the Treasury Department now taking measures to prevent a potentially devastating default. Reaching the debt ceiling means the government is not allowed to borrow any more money – unless Congress agrees to suspend or change the cap, which currently stands at almost $31.4tn (£25.4tn).

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Fico Collections

NOVEMBER 30, 2022

While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend. Graph 1 : Quarterly credit card debt in the United States from 1st quarter 2010 to 2nd quarter 2022 ($ Billion) . Cyril Cherian.

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Fico Collections

AUGUST 29, 2022

As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem ranging from originations, underwriting and account management to collections and asset-backed securitization.

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Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt.

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Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What Happens After You File Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

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Katabat

AUGUST 4, 2021

Pandemic’s “Credit Card Debt Paydown Miracle” May be Ending. Lots of people made lots of progress paying down debt and we would not have thought that at the outset of the pandemic,” said Ted Rossman, Senior Industry Analyst at CreditCards.com. 30, 2021 Effective Date for Debt Collection Final Rules.

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Katabat

AUGUST 4, 2021

Pandemic’s “Credit Card Debt Paydown Miracle” May be Ending. Lots of people made lots of progress paying down debt and we would not have thought that at the outset of the pandemic,” said Ted Rossman, Senior Industry Analyst at CreditCards.com. 30, 2021 Effective Date for Debt Collection Final Rules.

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Collection Industry News

MARCH 23, 2021

Court of Appeals for the Third Circuit recently held that a debt collector did not violate the federal Fair Debt Collection Practices Act (FDCPA) when it sent a consumer a collection letter inviting her to “eliminate further collection action” by calling the company, when in fact only written communication could legally stop collection activity.

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Collection Industry News

MAY 11, 2021

Additionally, research examining the first several months of the pandemic showed that “delinquencies as reported in credit bureau data declined, credit card debt fell even for financially vulnerable consumers, bank account balances rose, and survey-based measures of financial conditions rose.”.

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Consumer Finance

MAY 3, 2023

Director Chopra delivered remarks at the May 4, 2023, meeting of the American Association of Healthcare Administration Management's Government Relations Committee and Executive Board

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Fico Collections

AUGUST 16, 2021

consumers have experienced disruption to their income since the onset of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs being offered by lenders continues to enable many consumers to avoid falling behind on their bills. Fewer consumers are actively seeking credit.

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Fico Collections

OCTOBER 15, 2020

Whether due to reined in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially. This is down from 8.1% pre-COVID (Jan 2020).

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Collection Industry News

OCTOBER 5, 2021

Mail solicitations for cards plunged last year, hitting a new low of 61.6 Credit card debt levels also fell sharply, as many borrowers paid off or lowered their balances with savings they accumulated from staying at home more often and government relief payments.

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Collection Industry News

JUNE 1, 2021

While retail sales suggest plenty of folks put their stimulus checks directly into retailers’ coffers, the cash payments meant fewer shoppers let their purchases sit on their cards for long. On this, it’s hard to be conclusive, as available data doesn’t specify new versus existing credit card balances.

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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. . See also: How to write debt collection terms for your online business . Write a Budget.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again.

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National Service Bureau

JUNE 23, 2015

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. trillion of auto loan debt in fourth quarter 2013, rising to $0.95 For comparison, there was $0.86 Auto loans: $0.95

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Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. The Connecticut Department of Banking recently fined a collection company $30,000 and barred it from operating within the state for three years.

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Katabat

NOVEMBER 5, 2021

“Credit Card Debt Is Bad for More Than Just Your Finances.”. That’s the headline from a recent New York Times article covering a recent study from the University of Missouri that found “The stress of carrying card debt through adulthood is linked to poor health.” The study used U.S.

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Katabat

NOVEMBER 5, 2021

“Credit Card Debt Is Bad for More Than Just Your Finances.”. That’s the headline from a recent New York Times article covering a recent study from the University of Missouri that found “The stress of carrying card debt through adulthood is linked to poor health.” The study used U.S.

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Unsecured Debt Banks Credit Card Debt Government 52

Fico Collections

OCTOBER 15, 2020

Whether due to reigned in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially. This is down from 8.1% pre-COVID (Jan 2020).

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