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Total Household Debt Reaches $17.06 Trillion in Q2 2023; Credit Card Debt Exceeds $1 Trillion

Collection Industry News

AUGUST 17, 2023

The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Other balances, which include retail cards and other consumer loans, increased by $15 billion.

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Credit Card Debt Student loans Student Loans Foreclosure 40
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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Financial services Student loans Student Loans Loans 52
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