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Collections Consumer Credit Credit Card Debt 
Account Recovery
MAY 8, 2025
The South Carolina Supreme Court has changed its mind and will not issue a ruling in a case over whether a debt collector is required to send a right-to-cure notice to a consumer under state law before filing a lawsuit to collect on an unpaid debt.
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Account Recovery
JANUARY 27, 2025
Gordon of the District Court for the District of Nevada ruled that the defendant, a debt collection law firm, lacked the necessary minimum contacts with Nevada to establish personal jurisdiction. The background: The case stemmed from a consumer credit card debt judgment originally obtained in Tennessee by a creditor.
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Credit Corp
OCTOBER 6, 2023
The average household credit card debt in America is $9,654, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first quarters of 2022 and 2023, The Federal Reserve Bank of New York reported that the credit card debt in America rose by $145 billion.
Credit Corp
FEBRUARY 21, 2023
The average household credit card debt in America is $9,260, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first and final quarter of 2022 , TransUnion® reported that the average American’s credit card debt rose roughly $400 per person.
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. Plus, 71% of consumers expect personalized experiences, which means one-size-fits-all outreach isn’t going to cut it in collections.
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True Accord
JANUARY 21, 2025
We are entering a year of unknowns across the board, from potential regulatory changes to economic fluctuations to varying consumer sentiments, and theres a lot to consider as it relates to debt collection in 2025. Whats Impacting Consumers? What Does This Mean for Debt Collection?
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Consumer Finance
SEPTEMBER 28, 2021
The Consumer Financial Protection Bureau released its fifth biennial report to Congress today on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020.
Fico Collections
AUGUST 16, 2021
Mix in the fact that many consumers – enabled, in part, by historic levels of savings at least partly driven by government stimulus such as enhanced unemployment benefits – have shifted their focus to paying down their credit card debt, and the result is a greater than 10% decrease in the average credit card balance and utilization of the U.S.
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
NOVEMBER 30, 2023
KNOXVILLE, Tennessee — The Federal Reserve Bank of New York has been tracking credit card debt since 1999. Credit card debt in the U.S. is at the highest level it’s been since then, with the total amount of debt in the third quarter of 2023 reaching around $1.08 trillion dollars. The post U.S.
True Accord
APRIL 5, 2023
With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry?
119 
Collection Industry News
JANUARY 12, 2023
Credit card balances reached a record-setting $866 billion in the third quarter of last year, which represents a year-over-year increase of 19%. Credit balances reached a record-setting $866 billion in the third quarter of last year – and they are expected to keep climbing, the report from TransUnion said.
Debt Free Colorado
FEBRUARY 21, 2022
Does Colorado Law Protect Me From Debt Collectors? When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. What is the Federal Fair Debt Collection Practices Act (FDCPA)?
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. Plus, 71% of consumers expect personalized experiences, which means one-size-fits-all outreach isn’t going to cut it in collections.
Collection Industry News
APRIL 10, 2023
Interest rates on credit cards have risen substantially, with average interest rates going over 20% . Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may continue to set records and could even hit $1 trillion.
Public Citizen
DECEMBER 16, 2021
The Consumer Financial Protection Bureau has issued a series of orders to five companies offering “buy now, pay later” credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip.
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. The post Total Household Debt Reaches $17.06 trillion in the Q2 2023, marking a 4.6%
Fico Collections
OCTOBER 15, 2020
And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. As of July 2020, U.S. FICO® Score over the coming months.
Fico Collections
OCTOBER 28, 2022
Information and data continue to be key tools at our disposal to better understand the dynamics of the last couple of years, and better navigate what lies ahead for the Canadian consumer credit environment. Average FICO® Score 10.
Credit Corp
JUNE 8, 2023
This is where they come into play—things like making loan and credit card payments on time each month and maintaining a good debt usage or a credit utilization rate—the amount of debt, including credit card debt, you have in relation to your overall credit limit—can help you reach the credit score you’re after.
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Fico Collections
AUGUST 29, 2022
As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem ranging from originations, underwriting and account management to collections and asset-backed securitization. Ethan has a B.S. in management science/operations research from UC San Diego.
Collection Industry News
NOVEMBER 13, 2023
As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Why credit card debt keeps rising Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, according to Matt Schulz, chief credit analyst at LendingTree.
Collection Industry News
AUGUST 25, 2024
The report shows total household debt increased by $109 billion (0.6%) in Q2 2024, to $17.80 The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points.
Collection Industry News
MAY 19, 2024
The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The Quarterly Report also includes a one-page summary of key takeaways and their supporting data points.
Debt Free Colorado
JUNE 18, 2024
Chapter 7 bankruptcy offers a fresh start by eliminating most unsecured debt. This helps improve cash flow and break the cycle of high-interest debt. The automatic stay protects from most collection efforts. However, some debts like child support and tax delinquencies can still be garnished, and violations may occur.
Collection Industry News
DECEMBER 21, 2022
News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more.
UK debt collections
JANUARY 5, 2023
Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 Net borrowing of mortgage debt by individuals increased from £3.6 billion to £4.4
Troutman Sanders
DECEMBER 7, 2021
The CFPB also found that while small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks. The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. For more information, click here.
Troutman Sanders
SEPTEMBER 13, 2023
As discussed here , on July 7th the Consumer Financial Protection Bureau (CFPB), U.S. Department of Treasury (collectively, the agencies) jointly issued a Request for Information (Request) seeking public comment on medical credit cards, loans, and other financial products used to pay for health care.
Collection Industry News
OCTOBER 5, 2021
“We did have a crisis,” said Brian Riley, director of credit advisory services at Mercator Advisory Group, “but because of the support that was given, it really kept the market for consumer credit steady.”. He added that card issuers behaved “a lot more rationally” in comparison with the 2007-2009 crisis.
Collection Industry News
SEPTEMBER 21, 2021
Using the CFPB’s Making Ends Meet survey and consumer credit data, CFPB researchers found that financial conditions faced by renters and homeowners were divergent before the pandemic. The post CFPB Says Renters At Risk As Pandemic Safety Net Ends appeared first on Collection Industry News. Renters represent over 30% of U.S.
Collection Industry News
JULY 12, 2021
Americans borrowed a lot more money in May, according to new data from the Federal Reserve’s Consumer Credit Report released in July. There was a 10% increase in credit use on a seasonally adjusted annual basis in May 2021. In May 2021, the total outstanding balance of consumer credit hit $4.25
Collection Industry News
JANUARY 30, 2024
A periodic survey by Bankrate found that 47% of cardholders carried debt from month to month in mid-2023, up from 39% at the end of 2021. The average card customer holds $6,088 in debt, according to a TransUnion report for the third quarter of 2023, up from $5,474 at the same time in 2022.
Fico Collections
OCTOBER 15, 2020
And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. As of July 2020, U.S. FICO® Score over the coming months.
Collection Industry News
JULY 19, 2021
Circuit Court of Appeals ruled that the Fair Credit Reporting Act does not require consumer credit agencies to further investigate when a borrower disputes a debt collector’s ownership of their debt. Attorneys for the borrowers and credit agencies did not immediately reply to requests for comment on Friday.
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Fico Collections
JANUARY 26, 2022
FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.
Collection Industry News
AUGUST 30, 2021
Medical debt is still a uniquely American problem. of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. Source: site. An estimated 17.8%
Titan Consulting
MAY 10, 2020
Fico XD helps young adults, immigrants, and those with past credit challenges that resulted in closing all credit accounts. In the last 30 years, the Fair Isaac and Company, better known as FICO, changed the way the lenders evaluate consumer applications. What Factors Does the FICO XD Consider.
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Fico Collections
JANUARY 15, 2021
The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.
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True Accord
JULY 5, 2022
A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans.
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Collection Industry News
JANUARY 25, 2023
Issuers will likely turn off the spigot of generous incentives and easy credit in 2023 in response to a weaker economy, according to analysts. We spoke to credit experts about emerging credit card trends, how they may impact consumers and how you can prepare. People might find themselves in more credit card debt.
40 Collection Industry News
OCTOBER 17, 2023
Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. Federally chartered credit unions have an 18% limit. For example, Sen.
Troutman Sanders
OCTOBER 30, 2023
On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.
Troutman Sanders
MAY 9, 2023
On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.
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