FFGN COLLECT NY

DECEMBER 10, 2023

Did you know that the debt collection industry in the US is valued at $20.3 billion (as of 2022)? And yet, this is among the financial services sectors that are not as digitized as others. With a growth rate of 4.4%, finding a solution to expedite the debt collection process is crucial. Individuals and businesses involved in debt collection must overcome numerous hurdles, including the legal consequences and technological hurdles.

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Collection Industry News

DECEMBER 10, 2023

US bankruptcy filings rose 18% in 2023 due to higher interest rates, tougher lending standards, and the continued end of pandemic-era support measures, according to data from bankruptcy data provider Epiq AACER. The report said commercial Chapter 11 business reorganisation filings increased by 72% in 2023, while consumer filings rose by 18%. Bankruptcy case counts are expected to continue rising in 2024, driven by the end of pandemic stimulus, higher interest rates, and rising delinquency rates.

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