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Defaults on credit card debt have surged to their highest levels since the 2008 financial crisis, signaling worsening financial conditions for lower-income consumers amid persistent inflation and elevated interest rates. By the numbers: The big picture: Consumers are feeling the pinch as higher balances and borrowing costs erode their financial stability: Between the lines: The pandemic-era surge in savings and consumer spending gave credit card issuers confidence to extend credit to riskier bor
Many Americans are starting 2025 a little worse off than before, at least when it comes tocredit card debt. Almost half of cardholders 48% now carry debt from month to month, according to a new report byBankrate. Thats up from 44% at the start of 2024. Of those carrying balances, 53% have been in debt for at least a year. Roughly 47% of borrowers said they carry a balance due to an unexpected or emergency expense, most commonly medical bills or car and home repairs.
It's the perfect time for B2B sales professionals to reevaluate client relationships. Trust and loyalty will go a long way in staying in front of mind when your clients are making major budget decisions. If you're not already planning to connect with your clients this month, let this be a reminder. Strengthening client relationships is the perfect resolution for B2B sales professionals in the new year.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Artificial Intelligence is revolutionizing industries, including credit and collections, but contrary to popular opinion, it’s far from unregulated. Ellen Rosenblum, who just retired as the attorney general of Oregon, issued guidance in late December clarifying that existing consumer protection, privacy, and anti-discrimination laws apply to AI, potentially reshaping how companies deploy this transformative technology.
A state appeals court in Washington has affirmed an attorney’s fee award for the plaintiff in a debt collection case, agreeing with the lower court that counterclaims brought by the defendant, a collection operation, were frivolous. The background: The case originated from allegations that the defendant, a licensed debt collection agency, attempted to collect an amount of interest exceeding what was permitted by a previous judgment.
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A state appeals court in Washington has affirmed an attorney’s fee award for the plaintiff in a debt collection case, agreeing with the lower court that counterclaims brought by the defendant, a collection operation, were frivolous. The background: The case originated from allegations that the defendant, a licensed debt collection agency, attempted to collect an amount of interest exceeding what was permitted by a previous judgment.
A District Court judge in Minnesota has awarded 25% of the attorney’s fees sought by the plaintiff in a Fair Debt Collection Practices Act case, ruling the plaintiff’s request unreasonable for a number of reasons. The judge awarded $11,566.63 in fees, significantly less than the $46,163.50 requested by the plaintiff’s attorneys. The background: The case stemmed from attempts to collect on a 2007 mortgage loan.
The Consumer Financial Protection Bureau is back with another blog post warning consumers about unfair debt collection practices, this time surrounding being contacted while at work. This follows a post from a couple of weeks ago about junk fees that can be assessed by debt collectors. The big picture: Debt collectors unlawfully contacting consumers at work, or their employers, remains a critical concern for regulators.
As the calendar gets set to turn to a new year, a number of new laws are scheduled to take effect. Here is a summary of what collection operations need to be prepared for starting as soon as January 1. [EDITOR’S NOTE: Sign up for a webinar today, December 30, to hear more on The Laws Going Into Effect in 2025 That You Need to Know About. Click here to register.
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management Turnkey Speech Analytics. And Our New BLG360 Program Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
A sharp rise in mortgage interest rates toward the end of December took its toll on mortgage demand, hitting just as the housing market entered its typically slowest stretch of the year. Total mortgage application volume for the two weeks ended Dec. 27, 2024, dropped 21.9% compared with the week before that period, according to the Mortgage Bankers Associations seasonally adjusted index.
EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!
Getting to Know Mara Morgan of Account Recovery Specialist Inc. Autopay Disruption Leads Judge to Deny MJOP in FCRA Case Credit Card Defaults Soaring, Highlighting Consumer Financial Strain in 2025 iWallet Introduces Voice AI for Payments, Aims to Revolutionize Digital Transactions WORTH NOTING: Here is a list of 25 fun and practical ideas to use as resolutions for 2025 … Babies being born this year are being born into a new generation … How much ransomware costs companies in terms o
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
A District Court judge in Illinois has denied a defendant’s motion for judgment on the pleadings in a Fair Credit Reporting Act case that stemmed from the defendant disabling the autopay feature on the plaintiff’s account, after it had been used to make 95 monthly payments in a row. The background: The plaintiff opened a credit card with the defendant in 2015 and established autopay for his account.
iWallet, a payment solutions provider, has launched what it says is the first PCI-compliant telephone order system that uses voice AI instead of traditional keypad entry, targeting businesses looking to modernize their payment acceptance processes. EDITOR’S NOTE: If you’ve read this far, you are likely interested in how technology is re-shaping debt collections.
EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!
We’ve reached the last day on the calendar once again. We’ve made another trip around the sun. We’ve all gotten a year older. We’ve loved, we’ve lost. We’ve celebrated together and mourned together. We’ve made new friends, learned new things, made new memories. I want to take a minute and thank you for allowing me to part of your professional, and in some cases, personal lives this year.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
Collector Facing FDCPA Class-Action For Not Making Interest Disclosure in MVN Washington State Appeals Court Upholds Attorney Fee Award in Debt Collection Case 2024: A Year in Review A Thank You, From Me to You WORTH NOTING: What makes da Vinci’s “The Last Supper” such an important work of art … Explaining the tradition of a New Year’s Eve ball drop … If you choose a middle seat, you sit in the middle seat … A list of interesting facts, such as the impac
With more than 167 million individuals affected by healthcare data breaches in 2023 alone, the Department of Health and Human Services (HHS) is taking action to address increasing cyberattacks on healthcare systems. On Friday, it announced a proposed rule aimed at enhancing the HIPAA Security Rule, compelling healthcare entities to bolster protections for electronic protected health information (ePHI).
Judge Awards Plaintiff 25% of Requested Attorneys Fees in Settled FDCPA Case HHS Issues Proposed Cybersecurity Rule to Amend HIPAA New Laws Proposed, Passed, and Ready to Go Into Effect Compliance Digest December 30 WORTH NOTING: A look back on 2024 via photos of memorable moments … Did the worst play in NFL history happen yesterday? … Whales live a lot longer than we initially thought they did … Reactions and tributes following the death of President Jimmy Carter yesterday &#
Suit Accuses Defendant of Violating FDCPA By Failing to Report Debt as Disputed Industry Pros Revisit 2024 Predictions CFPB Targets Workplace Communications by Debt Collectors in Blog Post AI in the Spotlight: Oregon AG Sets the Stage for Regulating Artificial Intelligence WORTH NOTING: How to say “no” and stop being a people pleaser … A flight attendant reveals the five things you should never do on a plane … Here are 10 boundaries that therapists think you should set in
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
As part of the festivities to mark the end of one calendar year and the start of a new one, I ask different professionals from across the accounts receivable management industry for their predictions for the coming year what do they think is going to happen, what kind of year is it going to be for collection operations, etc. But thats not where the fun ends.
A lot happened in 2024 and it can be difficult to remember it all. Take this walk down memory lane by revisiting the most popular posts from each month of the year January January 2: Inconvenient Time/Channel Email Complaint Volume Increasing. I have written about this type of case before, but given the volume of new complaints that are being filed, I think it bears mentioning again because it appears that plaintiffs attorneys and consumers are not going to stop filing these kinds of suits anyt
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