Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Credit Corp

JULY 25, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Are you looking for a creative way to pay off your loans?

Loans 96

Loans Student loans Student Loans Lender 96

Credit Corp

JULY 26, 2021

If no one is able to pay off the loan, the lender may repossess it. Credit Card Debt . Joint credit card debt passes straight to the other borrower. Credit cards with authorized users on them are different, however—unlike cosigners, authorized users aren’t responsible for debts.

Student loans 98

Student loans Student Loans Credit Card Debt Loans 98

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

Sawin & Shea

SEPTEMBER 14, 2022

What is Consumer Debt? Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. Are Student Loans Consumer or Non-Consumer Debts? You may have noticed that we didn’t list student loans in the consumer and non-consumer categories.

Chapter 13 bankruptcy 122

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on credit cards only ?

Bankruptcy 52

Bankruptcy Credit Card Debt Collateral Lawyers 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.

Collection Agencies 40

Collection Agencies Collections Agency Credit Card Debt Collections 40

Credit Corp

SEPTEMBER 13, 2023

This means that consumers with the strongest credit scores tend to have a mix of accounts. If your goal is to build or maintain great credit, you’ll want to get and keep different types of credit accounts. One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit.

Credit Unions 97

Credit Unions Credit Unions Student loans Student Loans 97

Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards.

Lender 98

Lender Loans Creditors Credit Unions 98

Better Credit Blog

APRIL 1, 2022

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal.

Personal loans 65

Personal loans Loans Lender Student loans 65

Credit Corp

DECEMBER 22, 2020

App Best Used For Price Platform Tally Credit card management Free to download iOS and Android Debt Book Borrow/lender communication Free Android Debt Manager Snowball Method, debt summary and tracking, progress bar $0.99 iOS Pay Off Debt Motivation to make your debt payments $4.99 Debt Book .

Student loans 106

Student loans Student Loans Debt Management Loans 106

True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. Breaking it down, credit card balances increased by $48 billion to $1.08 a year ago. a year ago.

Student loans 58

Student loans Student Loans Loans Banks 58

Debt Guru

MARCH 6, 2020

Start by determining how your debt compares to your income. Use the same formula that lenders rely on when evaluating a loan application. It’s called your debt-to-income ratio, and it’s your total monthly debt payments divided by your gross monthly income. You could afford to shoulder more liability.

Credit Counselor 86

Credit Counselor Student loans Student Loans Loans 86

Credit Corp

JUNE 1, 2021

Include a line item in the budget for any credit card debt. Monthly expenses might include student loan payments, car payments, and credit card payments. Pay Student Loan Debt. Even in bankruptcy, student loan debt cannot get discharged; it must get paid.

Student loans 97

Student loans Student Loans Credit Card Debt Loans 97

Better Credit Blog

MAY 20, 2022

A personal loan can be as small as a couple thousand dollars to help pay for a wedding to $100,000 for emergency medical expenses. While terms vary from lender to lender, personal loans are usually repaid over the span of 12 to 84 months. Reasons to Get a Personal Loan. Consolidating Debt.

Personal loans 76

Personal loans Loans Lender Collateral 76

Better Credit Blog

APRIL 11, 2022

Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans.

Debt Consolidation 74

Debt Consolidation Debt settlement Credit Card Debt Bankruptcy 74

Credit Corp

JUNE 12, 2023

alone, the value of revolving credit outstanding in 2022 amounted to approximately $1.12 Additionally, Forbes reported that the average credit card debt per borrower was $5,474 in the third quarter of 2022—meaning that credit card debt can quickly stack up and overwhelm borrowers. In the U.S.

Student loans 97

Student loans Student Loans Credit Card Debt Loans 97

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.

Debt Consolidation 98

Debt Consolidation Credit Card Debt Debt settlement Creditors 98

Credit Corp

OCTOBER 6, 2023

Table of contents: 2023 Car Loan Statistics Key Findings Average Monthly Car Payments by Year Average Car Loan Amounts for New and Used Vehicles Total Auto Loan Debt in America Auto Loans as Percentage of Consumer Debt How Much Do Americans Borrow for Car Loans? of consumer debt. 661 to 780 70.15

Loans 118

Loans Lender Credit Unions Credit Unions 118

True Accord

AUGUST 11, 2022

Whether it’s taking out a loan, buying a house, saving for retirement or purchasing goods on a credit card,, people are constantly being asked to make decisions that affect their personal finances. Debt levels are on the rise again: according to the?

Acquisition 61

Acquisition Debt Recovery Education Student loans 61

Titan Consulting

APRIL 26, 2020

Deferring your auto payments may put you at risk for repossession if your lender requires you to catchup and make all deferred payments at the end of the deferral period. It also prevents lenders from foreclosing on a property for 60 days. . What Happens to Student Loan Debt After a Forbearance Ends ?

Student loans 52

Student loans Student Loans Lender Loans 52

Better Credit Blog

DECEMBER 22, 2021

A debt consolidation loan is a personal loan that can be used to pay off all of your debts, so instead of owing money to multiple sources, you will just have to pay back one lender with a monthly payment. Student loans that were secured through a private vendor can, sometimes, be consolidated through a lender.

Debt Consolidation 65

Debt Consolidation Loans Lender Student loans 65

Titan Consulting

AUGUST 23, 2020

Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. At your request, lenders must grant a forbearance for up to 180 days, renewable for up to a year with a hardship attestation. Strategies to Delay or Eliminate the Need to File Bankruptcy.

Chapter 13 bankruptcy 86

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Debt Recoveries

OCTOBER 24, 2021

Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Doing so will not only help you save on interest throughout the life of your loan, but it will also speed up the payoff process.

Debt Consolidation 52

Debt Consolidation Debt collector Student loans Student Loans 52

Sawin & Shea

MARCH 6, 2024

You still owe everything you owed before– you just have a new lender to repay. Also, if your credit score is already quite low, you may not be able to qualify for low interest which makes debt consolidation a useful method of debt management. How Does Debt Consolidation Work?

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy 52

True Accord

JANUARY 17, 2023

million in new credit cards and $22.1 million in personal loans in 2022. The big unknown around student loans will impact many consumers for better or worse. As President Biden’s student loan forgiveness program meets legal challenges, tens of millions of Americans wait to see what it means for them.

Personal loans 66

Personal loans Credit Card Debt Student loans Student Loans 66

Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Taurus Collect

JUNE 16, 2022

When you have a debt in collection and receive a call/ notice from a debt collector, it indicates that your original creditor has redirected the debt to a debt collection agency or a third party to collect it. The past-due accounts will not be charged off and sent to the collection agency until they become aged debts.

Retrieval 52

Retrieval Debt collector Collections Collection Agencies 52

Credit Corp

JANUARY 7, 2021

Unfortunately, holiday credit card debt lingers far longer than leftover turkey. If you don’t—or can’t—repay holiday debt promptly, it’ll accumulate over time. Then, avoid putting any more money on credit cards until you’ve paid off most of the consolidation loan. . Check Your Credit Score.

Debt Consolidation 109

Debt Consolidation Student loans Student Loans Loans 109

Credit Corp

JUNE 27, 2021

On a different note, loan applicants with good credit scores will have a much better chance of receiving an approval for the funds needed to set up a business or start a side hustle. Though some lenders may consider people with lower credit ratings, lenders have a habit of charging them with a higher APR (Annual Percentage Rate).

Student loans 98

Student loans Student Loans Loans Personal loans 98

Credit Corp

MAY 4, 2021

For instance, work on getting rid of your high-interest credit card debt before moving on to your federal student loans. Calculate Your Credit Card Payoff. Becoming debt-free is a big goal that will likely take a long time to accomplish. Apply for a 0% Balance Transfer Card.

Credit Card Debt 98

Credit Card Debt Bankruptcy Lender Student loans 98

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. You will not be able to discharge: Family and child support Most student loans Most local, state, and federal taxes How Does Filing Bankruptcy Impact Your Standing with Credit Bureaus?

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Collection Industry News

JUNE 1, 2023

Expanding Debt Markets: Debt markets have witnessed significant expansion in recent years, both in developed and emerging economies. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

Collections 40

Collections Collection Agencies Collections Agency Debt collector 40

Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. They cannot take legal action against you or seize your assets.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Re:Ceeve

JULY 9, 2020

The problem typically started when they took on student loans. These loan amounts grew to become a burden that never let them hit life’s major milestones in time. In America, Federal Reserve Data indicates that the percentage of Americans under 35 with credit card debt has dropped to its lowest level since 1989.

Student loans 68

Student loans Student Loans Loans Debt collector 68

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.

Lender 52

Lender Debt collector Loans Personal loans 52

Credit Corp

SEPTEMBER 12, 2023

To help you along, we’ll explain how credit impacts your application, explain steps you can take to compensate for low credit, and share tips on boosting your score. How Credit Impacts Getting Approved for an Apartment Many landlords and renters run a credit check as part of their rental application process.

Bankruptcy 93

Bankruptcy Lender Student loans Student Loans 93