Consumer Credit Credit Card Debt Government Student Loans 
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.
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. And we’re seeing consumers often need help to organize the different debts.” million borrowers missed their student loan payment, equating to 40% of loan holders.
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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. Student loan balances fell by $35 billion and stood at $1.57 quarterly increase.
True Accord
APRIL 5, 2023
At the beginning of March, the federal government ended pandemic-era payments for low-income families on the Supplemental Nutrition Assistance Program (SNAP), causing nearly 30 million Americans to lose increased food stamp benefits. consumer credit card debt has increased to nearly $1 trillion.
Collection Industry News
NOVEMBER 13, 2023
Credit card delinquency rates also rose across the board, according to the New York Fed, but especially among millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. The average annual percentage rate is now more than 20% — also an all-time high.
Troutman Sanders
JULY 11, 2023
The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates. million to consumers who were allegedly charged illegal fees to reduce or eliminate their federal student loans. For more information, click here. Abusive Telemarketing Acts or Practices).
Troutman Sanders
MAY 9, 2023
On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. For more information, click here.
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