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This Week In Credit Card News: Interest Rates Expected To Keep Rising; Credit Card Trends In 2023

Collection Industry News

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Chris Murphy (D-Conn.),

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New rule would eliminate medical debt from credit reports

Collection Industry News

In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumerscredit reports. FICO® and Vantage Score, the two major credit scoring companies, have also decreased the degree to which medical bills impact credit scores.

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CFPB Voices Support of State-Level Medical Debt Legislation Efforts

Account Recovery

The Consumer Financial Protection Bureau is actively supporting state legislation aimed at prohibiting the reporting of medical debt to credit bureaus — a move that underscores the agencys ongoing efforts to reshape how medical debt impacts consumers’ financial health.