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Household Debt Increased Moderately in Q2 2024; Auto and Credit Card Delinquency Rates Remain Elevated

Collection Industry News

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The New York Fed also issued an accompanying Liberty Street Economics blog post examining growing balances of home equity lines of credit (HELOC). Credit card balances increased by $27 billion to $1.14

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Total Household Debt Reaches $17.06 Trillion in Q2 2023; Credit Card Debt Exceeds $1 Trillion

Collection Industry News

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 Other balances, which include retail cards and other consumer loans, increased by $15 billion.

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Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt Types

Collection Industry News

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The New York Fed also issued an accompanying Liberty Street Economics blog post examining credit card utilization and its relationship with delinquency. Credit card balances decreased by $14 billion to $1.12

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Q2 Industry Insights: Beating the Economic Heat and Keeping Up with Compliance

True Accord

And businesses are responding accordingly to the lower demand – several top musical acts from Jennifer Lopez to the Black Keys have canceled summer tours due to low ticket sales while retailers like Walmart and Target are lowering prices on certain goods to appeal to budget-strained shoppers.

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BNPL in Credit Reports: How Could This Data Impact FICO Scores?

Fico Collections

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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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Strengthen Retail (Consumer) Investor Protections. The bill would require digital asset firms to publish and distribute a prospectus that includes material information related to the firm’s business, financial condition, results of operations, risk factors, and conflicts of interests. For more information, click here.

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Q1 Industry Insights: Consumers Will Consume, Lenders Will Lend, Delinquencies Will Rise

True Accord

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well.

Lender 57