Collection Industry News

MARCH 31, 2023

NEW YORK (AP) — As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. Typically, on a national scale, it takes something pretty extraordinary for credit card balances to fall, economists agree. population.

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Sawin & Shea

AUGUST 24, 2020

Whether or not you file for bankruptcy also depends on the kind of debt you have. Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt.

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Titan Consulting

AUGUST 23, 2020

If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. Federally managed student loans received an automatic six-month payment waiver.

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True Accord

AUGUST 11, 2022

In order to address this gap, lenders are in a unique position to help provide customers with educational content that not only improves customers’ financial literacy but helps with their own retention and acquisition strategies by building and maintaining customer trust and loyalty. Debt levels are on the rise again: according to the?

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Direct Recovery

MARCH 22, 2020

No matter where you stand on details like who should pay for it and what exactly should be required, almost everyone can agree that we are doing our children a serious disservice by sending them out into the world without any education on how to handle their personal finances. Lower Credit Card Debt. Higher Credit Scores.

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Credit Corp

JUNE 1, 2021

Include a line item in the budget for any credit card debt. Monthly expenses might include student loan payments, car payments, and credit card payments. Pay Student Loan Debt. Even in bankruptcy, student loan debt cannot get discharged; it must get paid.

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National Service Bureau

JUNE 23, 2015

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies.

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Student Loans Student loans Credit Card Debt Collection Agencies 40

Credit Corp

APRIL 29, 2021

However, that hard work came along with heavy student loan debt and a high-stress job. Generational wealth can give our children the ability to attend school without student loan debt. It’s become the norm for people to have a lot of credit card debt while only paying the minimum balance.

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Credit Corp

JUNE 19, 2021

You might have debt payments such as mortgage, car, student loan debt, and credit cards. Remember that you have many fixed expenses such as mortgage or rent, student loan payments, car payments, wireless phone bills, and cable bills. Track Your Expenses. The 50/30/20 Budget Method.

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Better Credit Blog

SEPTEMBER 9, 2020

They are headquartered in Farmingdale, NY, and are known as a “late-stage” debt collector, which means they may have purchased the right to collect the debt from the original creditor. Although Sunrise Credit Services is indeed a legitimate debt collector , they are not thought kindly of by their customers.

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Titan Consulting

APRIL 26, 2020

What Happens to Student Loan Debt After a Forbearance Ends ? The CARES Act waives student loan payments and interest for six months, until September 30, 2020, on all federal student loans owned by the Department of Education. Contact us today at (888) 488-4517 or Apply Online now.

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Better Credit Blog

APRIL 11, 2022

Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. In these situations, debt is considered positive mainly because your financial objective has value and long-term benefits. Debt Consolidation. Credit Counseling. Ads by Money.

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Better Credit Blog

APRIL 1, 2022

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. Lending Club.

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. Breaking it down, credit card balances increased by $48 billion to $1.08 a year ago.

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Better Credit Blog

DECEMBER 22, 2021

. “Since personal loans typically come with lower interest rates than credit cards, a debt consolidation loan can lower the cost of your debt — which means you won’t have to pay as much to close your accounts,” says Anna Serio, Finder’s lending expert and certified Commercial Loan Officer.

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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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Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. The fees you can expect to pay for Freedom Debt Relief’s services range from 15–25%. National Debt Relief vs. Freedom Debt Relief.

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Credit Corp

DECEMBER 4, 2024

Debt consolidation may temporarily lower your credit score due to hard inquiries and changes in credit utilization, but consistent, on-time payments can help improve it over time. Carrying debt, whether its through personal loans, credit cards, mortgages, or student loans, is common in America.

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Taurus Collect

JANUARY 24, 2023

By understanding the strategies used by debt collection companies, you can get ahead financially and protect yourself from becoming overwhelmed by unmanageable piles of unpaid bills in the future. Making the Most Out of Tax Season to Tackle Your Debts Whether it’s student loans, mortgages, or credit cards, debt is a reality.

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Credit Corp

JULY 8, 2021

You might have heard that you need to carry a balance on your credit cards for a balance to show up on your credit report every month. “I I have no idea where that myth originated, but it has been circulated widely in the last year or two,” Rod Griffin, director of public education at Experian, told me. “It

Credit Card Debt 40

Credit Card Debt Loans Student Loans Student loans 40

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.

Financial services 52

Financial services Financial Institution Trade Banks 52

Sawin & Shea

APRIL 10, 2024

The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. You’ll then be able to discharge the balance of eligible debts, such as credit card debt and medical bills. The automatic stay prohibits creditors and lenders from attempting to recover what you owe.

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Collection Industry News

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Though the forbearance may have given them breathing room, helped them add to their savings or pay down other debts, inflation creeping up throughout 2022 undermined a lot of that progress.

Student Loans 40

Student Loans Student loans Credit Card Debt Loans 40

Troutman Sanders

AUGUST 2, 2021

million, to people who lost money to credit card debt relief schemes. On July 29, Virginia Attorney General Mark Herring announced that he joined a multistate amicus brief , advocating for the rights of federal student loan borrowers. For more information, click here. For more information, click here.

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Troutman Sanders

JULY 11, 2023

The defendants also pitched a credit card debt elimination service, and alleged that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt. Abusive Telemarketing Acts or Practices).

Financial services 40

Financial services Student Loans Student loans Credit Card Debt 40

Burt and Associates

OCTOBER 31, 2024

CFPB Complaints: Presents data on the number and types of debt collection complaints received by the CFPB in 2023. Company Responses: Analyzes the responses of companies to debt collection complaints, including the types of relief provided. Consumer Issues in Debt Collection Complaints 3.2.1 Consumer Education 6.1

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Collection Industry News

MAY 3, 2022

A number of people in the so-called “boomer” generation have hit out at President Joe Biden ‘s reported plans to forgive some student loan debt for millions of people. I can see or cutting interest rates to 0%… but forgiving ALL student loan debt? Other bribe suggestions: Forgive auto loans?

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Collection Industry News

NOVEMBER 6, 2024

Nearly a third, 30%, of federal student loan borrowers say they’ve gone without food, medicine or other necessities because of their monthly bills. The bureau sought to gauge more broadly how tens of millions with education debt fared when their bills resumed in September 2023 after the Covid-era pause on the payments expired.

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