Sawin & Shea

SEPTEMBER 29, 2021

Bankruptcy is often a wise choice for those overwhelmed by credit card debt and looking to get back on track and rebuild their finances. With credit card debt specifically, debtors often wonder how the process works and how it will affect their ability to still use current cards or open new ones in the future.

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Titan Consulting

SEPTEMBER 15, 2020

Professional debt settlement companies can help you negotiate debt for less than the full balance owed if you find the process intimidating or overwhelming. A growing stack of bills collects and grows bigger each week. How to Negotiate Your Debt? It is possible to a DIY approach to debt settlement.

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Collection Industry News

FEBRUARY 21, 2022

If you’re just making the minimum payments on your credit cards, it may be worthwhile to consider one of these debt repayment strategies. Americans are racking up credit card debt at a record-setting pace, according to the Federal Reserve Bank of New York. Outstanding credit card debt is still about 7.7%

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Credit Card Debt Debt Consolidation Credit Counselor Personal loans 52

Collection Industry News

AUGUST 13, 2023

Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03

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Credit Card Debt Student loans Student Loans Loans 40

Collection Industry News

SEPTEMBER 2, 2023

consumers took on $43 billion in additional credit card debt during the second quarter of this year, ending in June. That’s more than triple the average amount of new debt households have taken on in that period since after the Great Recession of 2007-08. Newly released data from WalletHub says U.S.

Credit Card Debt 40

Credit Card Debt Consumer Credit Student loans Student Loans 40

Collection Industry News

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Though the forbearance may have given them breathing room, helped them add to their savings or pay down other debts, inflation creeping up throughout 2022 undermined a lot of that progress.

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Student loans Student Loans Credit Card Debt Loans 40

Collection Industry News

MAY 24, 2021

Credit card debt has plunged — but what if you’re still up to your neck? Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 in 2020. So that debt is really, really important,” Orman told CNBC.

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Credit Card Debt Student loans Student Loans Auto Insurance 40

Collection Industry News

JANUARY 12, 2023

Credit card balances reached a record-setting $866 billion in the third quarter of last year, which represents a year-over-year increase of 19%. Credit balances reached a record-setting $866 billion in the third quarter of last year – and they are expected to keep climbing, the report from TransUnion said.

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Collection Industry News

FEBRUARY 7, 2023

On the heels of another rate hike this week by the Federal Reserve , credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent. credit card debt jumps 18.5%

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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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Consumer Credit Student loans Student Loans Collections 85

Collection Industry News

MARCH 31, 2023

NEW YORK (AP) — As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. Typically, on a national scale, it takes something pretty extraordinary for credit card balances to fall, economists agree. All rights reserved.

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Credit Card Debt Student loans Student Loans Education 40

Collection Industry News

MARCH 28, 2023

More consumers are leaning on credit cards to afford increasingly expensive necessities such as food and rent. That helped propel total credit card debt to a record $930.6 That will cost credit card borrowers an extra $3.4 How to tackle credit card debt “Something has to give,” Gonzalez said.

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Collection Industry News

MAY 27, 2023

That means consumer debt — especially variable-rate credit card debt — will get more expensive. If you don’t transfer to a zero-rate balance card, another option might be to get a relatively low fixed-rate personal loan. The average personal loan rate was 10.71% as of March 8, according to Bankrate.

Credit Card Debt 40

Credit Card Debt Personal loans Lender Loans 40

Titan Consulting

SEPTEMBER 29, 2020

Credit card debt features low monthly payments, but double-digit interest which compounds daily, causing balances to grow fast and making it hard to eliminate the debt. Paying off credit cards will save you money on daily compounding interest payments. Paying Credit Card Debt in Retirement.

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Collection Industry News

AUGUST 17, 2023

Other balances, which include retail cards and other consumer loans, increased by $15 billion. Auto loan balances rose by $20 billion, consistent with the upward trajectory seen since 2011. Student loan balances fell by $35 billion and stood at $1.57 Student Loans Outstanding student loan debt stood at $1.57

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Credit Card Debt Student loans Student Loans Foreclosure 40

Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

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Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Collection Industry News

DECEMBER 1, 2022

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

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True Accord

OCTOBER 10, 2023

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. trillion in Q2, a 4.6%

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Student loans Student Loans Loans Personal loans 82

Nexa Collect

JANUARY 16, 2023

Impact of Rising Interest rates on Consumer Debt. Credit Card Debt: Higher monthly payments since they charge a higher interest rate. Higher mortgage and car loan payments. Need a collection agency that can quickly work on your outstanding invoices? Most economists believe that a recession is inevitable.

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Debt Recovery Credit Card Debt Collection Agencies Collections Agency 130

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

Better Credit Blog

APRIL 1, 2022

To remove Capital One Collections from your credit report, you first need to know who currently owns the debt. In other words, has Capital One sold your unpaid credit card debt to another collection agency, or is the debt still with Capital One? Pay to Delete the Capital One Collections.

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True Accord

DECEMBER 15, 2021

There are many payment and credit options available, but it really comes down to consumer preference and consumers are choosing to use BNPL. But why are consumers into BNPL and what happens when BNPL installment loans go unpaid?

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Credit Card Debt Collections Loans 52

True Accord

APRIL 12, 2022

The freeze on student loan payments has been a hot topic since the start of the pandemic—not just for borrowers, but for debt collection departments outside of the student loan debt sector. Debt collectors need to find ways to start engaging with borrowers now before student loans get added back on to the balance.

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Student loans Student Loans Loans Credit Card Debt 71

Credit Corp

MAY 9, 2023

Keep reading to learn more about what statutes of limitations on debt collection are and how they work. In This Piece What Is a Statute of Limitations on Collections? Effect of Statute of Limitations on Your Credit Report What Is the Statute of Limitations on Collections by State? Open-ended credit.

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Collection Industry News

MAY 19, 2024

The New York Fed also issued an accompanying Liberty Street Economics blog post examining credit card utilization and its relationship with delinquency. Balances on home equity lines of credit (HELOC) increased by $16 billion, representing the eighth consecutive quarterly increase since Q1 2022, and now stand at $376 billion.

Student loans 40

Student loans Student Loans Credit Card Debt Loans 40

True Accord

FEBRUARY 23, 2022

Most Americans are in enough credit card debt, they would do anything to go back in time and change the outcome of their financial situation, according to new research. A survey of 2,000 general population Americans examined how they tackle their financial hurdles and found the average person owes $3,083 to credit card debt.

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Credit Card Debt Loans Personal loans Healthcare 123

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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Student loans Student Loans Credit Card Debt Loans 94

Sawin & Shea

JANUARY 24, 2024

At the end of the plan, any unpaid balances on the qualifying debts are discharged. The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Any debts not discharged, like student loans, remain.

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Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Bankruptcy 40

Credit Corp

FEBRUARY 23, 2024

Debt consolidation and bankruptcy are two options for debt relief that have distinct advantages and drawbacks. Debt consolidation means merging multiple existing debts into a single new loan. What Is Debt Consolidation? Debt consolidation involves merging multiple debts into one loan.

Debt Consolidation 52

Debt Consolidation Bankruptcy Credit Card Debt Loans 52

Credit Corp

JULY 20, 2021

We’ll also talk about how to get back on your feet if debt has knocked you down. Credit Card Debt. Credit card debt occurs when you spend more on using a credit card than you pay off each month. How to Avoid Credit Card Debt. Personal Loan Debt.

Credit Card Debt 98

Credit Card Debt Personal loans Loans Debt Management 98

Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Student loans Student Loans Loans Accrued Interest 64

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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Retrieval Debt collector Collections Collection Agencies 52

Sawin & Shea

JULY 28, 2021

Credit card debts: Although credit card debt dropped in 2020 (possibly because of Covid and the fact that people were staying at home), the average household credit card debt is $ 5,315. Payday” type loans. Collection agency bills. These are called unscheduled 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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Collections Lender Credit Card Debt Loans 52

Collection Industry News

OCTOBER 5, 2021

Student loan debt affected people’s ability to pay their bills and meet their basic needs during the Great Recession – and the burden of that debt was disproportionately placed on Black and Latino families, a study by Elizabeth Martin, a doctoral student in sociology at The Ohio State University in Columbus, has found.

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Student loans Student Loans Loans Credit Card Debt 40