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Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York , leading to a shift in consumer spending for 2024.
Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024.
When you apply for new credit, lenders know your old lenders lost money on your accounts. So a collection account will have a negative impact on your ability to apply for new credit — whether it’s a mortgage, a major credit card, or a personalloan. Covington Credit. Credit Control Corporation.
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