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

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. 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.

Consumer Credit 86

Consumer Credit Student loans Student Loans Collections 86

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.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

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.

Credit Card Debt 40

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True Accord

APRIL 5, 2023

Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap. consumer credit card debt has increased to nearly $1 trillion. Credit card balances jumped more than $60 billion over Q4 2022, lifting the total amount of U.S.

Student loans 95

Student loans Student Loans Credit Card Debt Loans 95

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.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Consumer Credit 40

Credit Corp

JUNE 8, 2023

In other words, about how personal credit works and how credit scores work still confuses people. How Are Credit Scores Created? When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus.

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Lender Loans Creditors Credit Unions 98