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Over half of student loan borrowers racked up credit card debt during the payment pause—now experts worry about ‘shock’

Collection Industry News

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Though the forbearance may have given them breathing room, helped them add to their savings or pay down other debts, inflation creeping up throughout 2022 undermined a lot of that progress.

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Can My Stimulus Check Be Garnished for Credit Card Debt?

Credit Corp

But those who are struggling with debt might wonder: Can my stimulus check be garnished for credit card debt or other money owed. The short answer is yes, but it depends on the type of debt you’re dealing with. That includes tax debt. Federal Student Loan Debt: No.

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Data Offers Insights Into Collecting From Millennials

Account Recovery

Nearly three-quarters of Millennials are carrying non-mortgage debt, with the average member of that generation owing $117,000, according to the results of a recently released survey. One-third of Millennials … The post Data Offers Insights Into Collecting From Millennials appeared first on AccountsRecovery.net.

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Americans’ credit card debt hits a record $1 trillion

Collection Industry News

Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03

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Inflation is driving up consumer credit card debt by billions of dollars

Collection Industry News

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.

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Credit card debt hits a ‘staggering’ $1.13 trillion. Here’s why so many Americans are under pressure

Collection Industry News

Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card delinquency rates also jumped — particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt.

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She Crushed $20K+ in Credit Card Debt at Age 24

Nerd Wallet

With over $195,000 in student loan debt, Annika Hudak saw little harm in swiping her credit cards. “I I was in the mindset that I’m going to be in debt forever, so what’s a couple of thousand dollars here,” says Hudak, 25, a product analyst in Oregon. Melissa Lambarena writes for NerdWallet.