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How Consumer Credit Trends Impact Debt Collection in 2024

True Accord

Today, about 61% of American households have credit card debt and the average credit card debt balance sits at $5,875. On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans.

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How to get out of debt and stay out

Debt Recoveries

Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Doing so will not only help you save on interest throughout the life of your loan, but it will also speed up the payoff process.

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How Consumer Credit Trends Impact Debt Collection in 2024

Collection Industry News

Today, about 61% of American households have credit card debt and the average credit card debt balance sits at $5,875. On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans.

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The Growth Potential of the Debt Collection Industry: An In-Depth Analysis

Collection Industry News

Regulatory Changes: The debt collection industry is heavily regulated, and changes in regulations often shape its landscape. Governments and regulatory bodies continually strive to strike a balance between consumer protection and enabling efficient debt recovery.