Collection Industry News

MAY 19, 2024

The New York Fed also issued an accompanying Liberty Street Economics blog post examining credit card utilization and its relationship with delinquency. Balances on home equity lines of credit (HELOC) increased by $16 billion, representing the eighth consecutive quarterly increase since Q1 2022, and now stand at $376 billion.

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Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.

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Collection Industry News

MAY 19, 2023

During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans.

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.

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Collection Industry News

DECEMBER 13, 2023

The increased use of buy now, pay later loans from providers like Klarna, Affirm (AFRM.O), PayPal (PYPL.O) and Afterpay (SQ.N) “signal an increase of short-term debt on top of the more than $1 trillion in outstanding credit card balances,” McClary said.

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Collection Industry News

DECEMBER 21, 2022

News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more.

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Credit Corp

MAY 1, 2024

Additionally, consider seeking professional financial advice to explore options like debt consolidation or settlement if necessary. In the fourth quarter of 2023, the amount of household debt in the United States increased to $17.5 You don’t want your kids to have to take out thousands of dollars in loans to pay for college.

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Credit Corp

JUNE 27, 2021

If you need some extra motivation to increase your credit score or are curious what a high credit score will mean for you, here are the unexpected benefits of a good credit score. According to Forbes, consumers owed $323 billion on personal loans in 2020. Your credit score influences the interest rates at most places.

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Collection Industry News

OCTOBER 5, 2021

The Fintech Times heard from financial experts to get their views on BNPL: Andrea Woroch , Consumer and Money Saving Expert at www.AndreaWoroch.com said “According to a new report, 45% of consumers have taken on more credit card debt since March 2020, with one in five owing more than $20,000 on their cards.

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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 trillion in Q3 2023, showing a 4.7%

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Fico Collections

AUGUST 29, 2022

As shown in figure 3, recent missed payments are up most notably on bankcards , followed by auto loans. All these factors have led to missed payments and/or ramped up debt levels in 2022 for millions of consumers, including those who may be using credit cards and personal loans as a financial lifeline to cover living expenses. . .

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Credit Corp

MAY 4, 2021

For instance, if you’re a compulsive shopper, delete retail apps and turn off push notifications for sales. For instance, work on getting rid of your high-interest credit card debt before moving on to your federal student loans. Calculate Your Credit Card Payoff. Apply for a 0% Balance Transfer Card.

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Better Credit Blog

OCTOBER 14, 2020

Today’s guide will walk you through the basics of debt collections and give you some pointers for getting ARS off your credit report. Asset Recovery Solutions isn’t a lender, provider, or retailer itself, so getting a letter or call stating that you owe them money may have you concerned about the company’s legitimacy.

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Credit Corp

MARCH 30, 2023

Risk level: Very low How to invest: Banks and credit unions Potential returns: Moderate returns that sometimes exceed those of high-yield savings accounts 3. Government Bonds Sometimes, the government needs to borrow money, so they offer people the option to loan them money via government bonds.

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Collection Industry News

JANUARY 25, 2023

Issuers will likely turn off the spigot of generous incentives and easy credit in 2023 in response to a weaker economy, according to analysts. We spoke to credit experts about emerging credit card trends, how they may impact consumers and how you can prepare. People might find themselves in more credit card debt.

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Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

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Better Credit Blog

MAY 10, 2022

With good credit, you’ll be able to access low annual percentage rates on mortgages, auto loans, and better credit cards with perks or no annual fees. Option 2 could wreck your credit score because you’re more likely to make late payments and carry large balances. How to Get Your First Credit Card.

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Credit Corp

JUNE 24, 2021

This can help you retain thousands of dollars over the lifetime of your loan and lower your monthly payment. Furthermore, if you have debts that need to be paid on your credit card account, it’s even more critical that your efforts are focused solely on saving, not spending. Budget Smarter, Not Harder.

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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.

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Better Credit Blog

OCTOBER 21, 2020

ARI collects on a variety of debts, like: Bankruptcy. Credit card debt. Installment loans. Retail debt. When you fall behind on payments, your debt could be turned over to a collections agency like ARI. Financed purchases. Utility bills. How Does Absolute Resolutions Work?

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Better Credit Blog

OCTOBER 21, 2020

ARI collects on a variety of debts, like: Bankruptcy. Credit card debt. Installment loans. Retail debt. When you fall behind on payments, your debt could be turned over to a collections agency like ARI. Financed purchases. Utility bills. How Does Absolute Resolutions Work?

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Fico Collections

JANUARY 15, 2021

three of our top five posts explain, medical conditions or diseases have no impact on a consumer’s FICO® Score, nor do loan forbearances or deferred payment agreements. By studying past recessions, we know that in a down economy credit criteria goes up and access to credit goes down as lenders try to mitigate credit risk. “The

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Fico Collections

MAY 19, 2021

Or they may unintentionally sell it to criminal gangs, which then rack up thousands of pounds of fraudulent credit card debt. Newer financial services providers are even more challenged, as well as telcos new to payment processing and retail finance. Both of these crimes are first-party fraud.

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Credit Corp

JUNE 1, 2023

Pros and cons Pros Low fixed APR High max credit limit Cons Annual fee Cash Back Cash back credit cards put money back in your pocket based on your spending. This can be either a flat rate or for specific categories like dining, entertainment or retail shopping. How Do Credit Cards Work?

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Fico Collections

AUGUST 16, 2022

The key is how these macrolevel measures impact individuals’ finances – all consumers are paying higher prices at the grocery store and gas station, but not all cash strapped consumers are shopping for loans or carrying large amounts of debt. This is only a 3.6% decrease year-over-year, but is still ~18.2%

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Collection Industry News

APRIL 26, 2024

Chicago Federal Reserve President Austan Goolsbee said Friday that while consumer debt levels aren’t yet “especially” high, the Fed is concerned about the rate of consumer delinquencies, or missed or late payments on expenses such as auto loans, credit card bills and rent. “If Read more here.

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Collection Industry News

OCTOBER 17, 2023

Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. proposed a 36% cap on consumer loans in 2021. Alexandria Ocasio-Cortez, D-N.Y.,

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