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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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.

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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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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.

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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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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.

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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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Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Fortunately, in this blog, we’ll unpack cosigner responsibilities when it comes to bankruptcy and debt.

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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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True Accord

JANUARY 17, 2023

Read on for our take on what’s impacting consumer finances, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023. Credit cards aren’t the only option – consumers have other ways to access credit like personal loans and home equity lines of credit (HELOC).

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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.

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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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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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Fico Collections

SEPTEMBER 8, 2021

On the other hand, empirical analysis of millions of credit files finds that people with lower debt and credit utilization levels are less likely to miss payments, and so the FICO® Score reflects this. Another observation of note, fewer consumers in lower score ranges were actively seeking credit. by Tommy Lee.

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Sawin & Shea

AUGUST 2, 2023

Some people may be overwhelmed with credit card debt, especially those who spend more than 20% of their annual net income on credit card bills, have maxed out limits on several cards, and/or can only afford to pay the minimum on credit card bills.

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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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Better Credit Blog

APRIL 11, 2022

Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. In other cases, such as credit card debt, it’s seen as a hardship and can have a negative impact.

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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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Credit Corp

MARCH 16, 2021

Is your credit card debt behaving like an unruly boy and has gone completely out of your control? Are you spending sleepless nights wondering how to get yourself out of a debt spiral? Or perhaps it’s a burgeoning credit card debt? How to Control Your Debt Yourself. Look Where You Are.

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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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Collection Industry News

SEPTEMBER 23, 2020

However, over the past several years, the civil courts in most states have been overrun by debt collection cases against consumers. Some key findings from the Pew research include: • Between 1993 and 2013, the number of debt collection cases filed annually more than doubled, from 1.7 million to about 4 million.

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UK debt collections

NOVEMBER 8, 2022

By contrast, there were decreases in the proportion of clients with personal loans, overdrafts or payday loans, at the time of advice – while the proportion with credit card debt remained the same as in August, at 64%.

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True Accord

OCTOBER 10, 2023

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations and preferences when collecting is critical to your success. trillion in student debt under the CARES Act, student loan payments resume this month. What’s Impacting Consumers and the Industry? a year ago. a year ago.

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Sawin & Shea

NOVEMBER 15, 2023

It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy. And possibly the most common question people ask is credit card debt is secured or unsecured. Secured vs Unsecured Debt: What’s the Difference? What is the difference?

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Fico Collections

OCTOBER 28, 2022

Interest rates in Canada increased notably in 2018, impacting consumers across the board, but particularly those with interest rate-sensitive products such as lines of credit, and variable rate personal loans and mortgages.

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Sawin & Shea

SEPTEMBER 27, 2023

If you are a victim of debt collector harassment, it’s important to know the debt collection laws, and consider your options for debt relief. The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged. Debt Collection Laws: What Can Debt Collectors Do?

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Debt Free Colorado

DECEMBER 9, 2021

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. Chapter 7 is a disaster when it comes to secured debt. . medical debt .

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Sawin & Shea

AUGUST 24, 2020

Whether or not you file for bankruptcy also depends on the kind of debt you have. Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt.

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Sawin & Shea

AUGUST 30, 2023

Most federal student loans. Unscheduled debts: These are debts you neglected to list when you filed for bankruptcy. Which Debts Can be Discharged in Bankruptcy? Credit card debts: Keep in mind the fact that you cannot buy more than $1,150 of luxury goods within 60 days of filing for bankruptcy.

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Sawin & Shea

MARCH 7, 2023

Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts. When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property.

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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Debt Guru

MARCH 6, 2020

Keep in mind that your ratio typically excludes mortgage and student loans. It does include things like credit card payments, auto loans, medical bills, personal and payday loans, and any other collections you’re being assessed. You could afford to shoulder more liability.

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Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. Chapter 13 Bankruptcy Discharge Once you complete paying off your repayment plan over three to five years, the court will discharge your eligible debts.

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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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True Accord

JULY 5, 2022

Credit card balances are also already up year over year, reaching $841 billion in the first quarter of 2022, and are expected to keep rising, according to a report from the Federal Reserve Bank of New York. Missed payments on certain loans are already on the rise. We all knew this was coming.

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Better Credit Blog

APRIL 6, 2022

.” This means the creditor has determined it’ll likely never collect your debt. It considers the debt a business loss. The company can write off debt at tax time. But writing off the debt doesn’t mean the creditor will stop its debt collection efforts. This is not true.

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