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Collection Industry News
AUGUST 17, 2023
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card accounts expanded by 5.48 quarterly increase.
Fico Collections
APRIL 28, 2022
According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more.
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Collection Industry News
MARCH 19, 2024
Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Despite inflation and high interest rates, consumers helped the economy end the year in a far better position than most predicted.
Collection Industry News
OCTOBER 3, 2022
At a time of record-high borrowing costs and rising prices, people need all the help they can get from their credit scores. Some people might get a surprise boost — if they have student loans poised for forgiveness under President Joe Biden’s executive order wiping away federal student-loan debts up to $10,000 and, in some cases, $20,000.
Collection Industry News
JANUARY 13, 2024
growth in credit card debt. trillion, according to data from the Federal Reserve Bank of New York (NYFRB). We also zeroed in on credit card debt data to identify which states had the highest levels of credit card debt in the country. The largest increase in any category was credit card debt, which swelled by 16.6%
Troutman Sanders
JULY 12, 2021
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Also, the order “[e]ncourages the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.” State Activities.
Collection Industry News
MAY 19, 2023
During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans. That didn’t happen this time around.
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