Collection Industry News

JUNE 1, 2021

Overall, total credit card balances dropped by $49 billion during the first quarter of 2021, a single-quarter decrease that comes second only to the decline seen in the second quarter of 2020 when lockdowns were widespread and retail shopping all but halted. Sluggish retail sales and stimulus checks were contributing factors.

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Retail Credit Card Debt Government Banks 40

Collection Industry News

JUNE 17, 2024

Our experts used debt statistics from the NYFRB broken down by debt category and down to the state level to get a detailed picture of what kinds of debt Americans are holding and where they are holding it. Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% over the same period.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Loans 40

Fico Collections

OCTOBER 15, 2020

Whether due to reined in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially. As of July 2020, U.S.

Credit Card Debt 76

Credit Card Debt Government Lender Consumer Credit 76

Roths Child Law

NOVEMBER 29, 2023

About half (52%) of the consumers in this nation racked up some credit card debt during the 2022 holiday season, and 31% still haven’t paid those bills off. About 74% of shoppers expect to break out their credit cards this year, too.

Credit Card Debt 52

Credit Card Debt Retail Bankruptcy 52

Credit Corp

SEPTEMBER 13, 2023

Cash Advance Fee: 3%, Min $10 Late Fee up to $39 Card Details + Credit Cards Issued by a Retail Store : These are accounts that are issued by the stores where you like to shop. These cards are a little different than the previous type in that you can only use the card at the store that issued it.

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Credit Unions Credit Unions Student loans Student Loans 97

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.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Bankruptcy 40

True Accord

OCTOBER 10, 2023

Key Indicators and Consumer Spending According to the New York Fed’s Quarterly Report on Household Debt and Credit , total household debt increased in the second quarter of 2023 by $16 billion (0.1%) to $17.06 Credit card balances increased by $45 billion from Q1 2023 to a series high of $1.03 trillion in Q2, a 4.6%

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Student loans Student Loans Loans Personal loans 88

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 Card Debt Student loans Student Loans Loans 40

Collection Industry News

AUGUST 25, 2024

Credit card balances increased by $27 billion to $1.14 Other balances, which include retail cards and other consumer loans, were effectively flat, with a $1 billion increase. This is a $63 billion increase from the series low reached in Q3 2021. Auto loan balances saw a $10 billion increase and stood at $1.63

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Student loans Student Loans Credit Card Debt Loans 40

Collection Industry News

MAY 19, 2024

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. Credit card balances decreased by $14 billion to $1.12 Other balances, which include retail cards and consumer loans, also decreased by $11 billion.

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Student loans Student Loans Credit Card Debt Loans 40

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.

Credit Card Debt 40

Credit Card Debt Personal loans Banks Loans 40

Troutman Sanders

FEBRUARY 23, 2024

Fifteen issuers (including nine of the largest credit card issuers) reported offering at least one credit card product with a maximum purchase APR over 30% — many of which were co-branded cards associated with a retail/bank partnership. Such issuers are listed in the report.

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Credit Unions Credit Unions Banks Credit Card Debt 52

Credit Corp

JUNE 24, 2021

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. Avoid emotional spending and saving your credit card information on online retailers that can easily be autofilled.

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Education Credit Card Debt Retail Loans 74

Fico Collections

AUGUST 29, 2022

This suggests that consumers are not only obtaining new credit, but also using more of it, whether due to rising inflation rates , or simply due to having more opportunities to spend on discretionary items such as restaurant, retail, and travel during this period than earlier in pandemic.

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Credit Bureau Government Lender Loans 98

Collection Industry News

JANUARY 30, 2024

The national credit card balance stands at $1.08 Some retail cards now charge upwards of 30%. Learn more: Best credit cards of 2023 “It was hard to imagine that growing debt, rising inflation and sky-high interest rates weren’t eventually going to take a toll,” said Matt Schulz, chief credit analyst at LendingTree.

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Credit Card Debt Credit Counselor Retail Consumer Credit 40

Credit Corp

MARCH 30, 2023

Individual Stocks Individual stocks are available to everyone, and when the average person buys these types of stocks, they’re known as “ retail investors.” You may have heard of retail investors investing in individual stocks during the GameStop stock hype of 2021, which also showed how risky individual stocks can be.

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Credit Corp

JUNE 27, 2021

Between 2019 and 2020, the average credit card debt decreased by 14%, from $6,194 to $5,315. 35% of your credit score is based on Payment History. This may include payment information on credit cards, mortgages, installment loans (auto loans or student loans), retail accounts, and consumer finance company accounts.

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Student loans Student Loans Loans Personal loans 75

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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Debt Guru

NOVEMBER 22, 2021

That barrage of messages from your favorite retailers, letting you know about their current promotions or latest gear makes it all too easy to click through and make a purchase on an item you didn’t know you needed. Taking a break from social media can be a refreshing change of pace. The same goes for marketing emails.

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Credit Card Debt Lender Retail Debt Management 52

Fico Collections

OCTOBER 15, 2020

Whether due to reigned in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially. As of July 2020, U.S.

Credit Card Debt 52

Credit Card Debt Government Lender Consumer Credit 52

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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Credit Card Debt Loans Startups Acquisition 52

Credit Corp

MAY 1, 2024

For example, if you notice you buy something every time you receive a weekly email from your favorite retailer, consider unsubscribing from the retailer’s email list. If your long-term goal is to pay off your credit card debt , a good short-term goal might be to pay off one credit card with a $500 balance.

Credit Card Debt 52

Credit Card Debt Loans Debt Consolidation Student loans 52

Collection Industry News

DECEMBER 13, 2023

Shoppers can purchase anything from a $3,253 Jil Sander leather tote bag marked 30% off from luxury retailer Farfetch (FTCH.N), to groceries from Walmart (WMT.N) and Burger King gift cards valued at up to $500 — getting the merchandise before it’s fully paid for.

Retail 40

Retail Loans Credit Card Debt Construction 40

Fico Collections

JUNE 14, 2021

Our latest UK Credit Market Report on card trends for April 2021 shows the impact of the opening up of hospitality and retail on April 12. The figures include a 12 percent rise in card spend and more customers exceeding their card limit. This is the largest monthly increase in spend for over two years.

Retail 52

Retail Government Credit Card Debt Lender 52

Better Credit Blog

OCTOBER 21, 2020

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

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Collection Agencies Collections Agency Debt collector Retail 52

Better Credit Blog

OCTOBER 21, 2020

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

Collection Agencies 52

Collection Agencies Collections Agency Debt collector Retail 52

Credit Corp

FEBRUARY 21, 2021

Know that no lawful bank, retailer or provider will ask you to confirm personal information online. Do not click links in an email, verify your personal data or download an attachment without first confirming the request is from a legitimate source. If in doubt, call the institution it appears to be from to confirm the communication.

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Banks Trade Financial Institution Retail 89

Katabat

SEPTEMBER 14, 2021

The recent drop in retail sales, decline in consumer confidence and heightened market volatility suggest a slackening in the pace of the U.S. Extended unemployment benefits from states, and supplemental unemployment from the Federal Government was credited earlier in the pandemic with keeping consumer debt and defaults lower than anticipated.

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Manufacturing Credit Card Debt Financial Institution Retail 52

Katabat

SEPTEMBER 14, 2021

The recent drop in retail sales, decline in consumer confidence and heightened market volatility suggest a slackening in the pace of the U.S. Extended unemployment benefits from states, and supplemental unemployment from the Federal Government was credited earlier in the pandemic with keeping consumer debt and defaults lower than anticipated.

Manufacturing 52

Manufacturing Credit Card Debt Financial Institution Retail 52

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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Banks Credit Card Debt Creditworthiness Financial Institution 40

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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Financial services Financial Institution Trade Banks 52

Better Credit Blog

MAY 10, 2022

Credit Card with Co-Signer: If you know someone with excellent credit, he or she could co-sign on your application. Your co-signer would become responsible if you defaulted on the card. How to Apply for a First Credit Card. Only the primary cardholder gets credit for the responsible use of the card.

Credit Unions 90

Credit Unions Credit Unions Banks Loans 90

True Accord

JANUARY 10, 2024

Breaking it down, credit card balances increased by $48 billion to $1.08 Other balances, which include retail cards and other consumer loans, increased by $2 billion. As for credit card debt, the charge-off rates clocked in at 3.79% , up more than a half point from Q2 2023 and up from 2.1% a year ago.

Student loans 59

Student loans Student Loans Loans Banks 59

Fico Collections

JANUARY 15, 2021

Whether due to reined in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, as of July 2020, U.S.

Lender 59

Lender Loans Consumer Credit Credit Card Debt 59

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.

Financial services 52

Financial services Student loans Student Loans Loans 52

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. You earn rewards by using your card.

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Banks Creditworthiness Credit Card Debt Financial Institution 52

Collection Industry News

AUGUST 6, 2023

Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found. Many will have to work to get out of credit card debt at the same time.

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Student loans Student Loans Credit Card Debt Loans 40