Credit Card Debt in May Grows at Fastest Pace Since Recession
U.S. consumers in May added $8 billion to their outstanding credit card bills, the largest increase since before the beginning of “The Great Recession.”
View ArticleWhat U.S. Counties are the Most Behind on their Credit Cards?
That’s a pretty good question. Fortunately, there is an answer. In its Quarterly Report on Household Debt and Credit for the fourth quarter of 2011, the Federal Reserve Bank of New York drilled down on...
View ArticleCredit Card Balances Fall in June; Monthly Pattern Becomes Unstable
The Federal Reserve reported late Tuesday that outstanding balances for consumer credit card accounts fell in June at its member institutions at an annualized rate of 5.1 percent. The decline followed...
View ArticleCredit Card Debt Collection: The Next Financial Bubble?
Is there an analog between the mortgage meltdown of 2008-2009 and the current crop of issues springing up around credit card collections? The New York Times believes there is, and in a piece in their...
View ArticleCredit Card Delinquencies Hit All-Time Low as Mortgage Arrears Increase
The Federal Reserve said Wednesday that the average 30-day delinquency rate on credit card accounts at commercial banks in the U.S. dropped to an all-time low in the second quarter of 2012, another...
View ArticleARM in the Credit Card Sector: A New Opportunity Unfolding
A new, unexpected opportunity seems to be unfolding as a result of the current market trends in the credit card sector and the ARM companies taking advantage of it are not the type you would expect.
View ArticleGetting Ready for 2013 – Asset Class Diversification
For the past two decades, the accounts receivable management industry has been dominated by firms that purchased and/or collected credit card receivables. But the financial liquidity crisis of 2008...
View ArticleAmerican Express to Pay $112 million to Settle Debt Collection and Other Charges
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) announced late Monday that they have reached a settlement with the chartered bank that issues credit...
View ArticleWhere Does the ARM Industry Go After the Credit Card Bust?
Is the credit card sector of the accounts receivable management industry ever going to recover? Probably. But it's almost assured to never provide the kind of work debt collectors came to expect from...
View ArticleConsumer Loan Delinquencies and Charge-Offs Touch Fresh Lows, Except for...
The Federal Reserve recently released its Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks reports for the third quarter of 2012. Consumer credit card delinquency rates set...
View ArticleCredit Card Chargeoffs Rise in Q4 as Delinquencies Hit New Low: Fed
The U.S. Federal Reserve said Tuesday that charge-offs of credit card accounts among its member banks increased more than five percent in the fourth quarter of 2012, the first time aggregate charge-off...
View ArticleDebt Collection Bills Advance in Western States
Two bills in major Western U.S. states aimed at reining in debt collection practices have recently advanced in their respective legislative chambers. One targets debt buyers specifically while the...
View ArticleFederal Regulators Widening Probe on Bank Debt Collection Practices
The U.S. Office of the Comptroller of the Currency (OCC) is expanding an investigation into the documentation used by credit card issuers to verify account accuracy before filing debt collection...
View ArticleMulti-State Investigation Into Debt Collection Reportedly Underway
The Attorney General of the state of Iowa is leading a multi-state investigation into the debt collection practices associated with credit card accounts. AG Tom Miller will be focusing on the paperwork...
View ArticleCFPB Panel 1: Info Available to Debt Collectors at Time of Assignment, Sale
Moderator: Thomas Kane, FTC Panelists: Manoj Hastak, American University Loraine Lyons, FMA Alliance David Pauken, Convoke Systems Ira Rheingold, National Association of Consumer Advocates Larry...
View ArticleRecent Developments Lay Groundwork for New Debt Sales Rules for Banks
News articles surfaced recently regarding the regulatory climate for large banks' sale of defaulted credit card debt. Upcoming regulatory changes will have a profound impact on this asset class for...
View ArticleNational Credit Default Rates Hit a Post-Recession Low in June
Data through June 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed decreases in national consumer credit default rates...
View ArticleWill New Federal Standards Destroy Debt Buying Industry?
A recent Federal regulator's statement of stringent "best practices" for all debt sales by banks is the likely cause for the purported pullback in account sales by two major credit card issuers. These...
View ArticleAccounts in Debt Collection Remain Near All-Time High
Despite a drop-off in severely delinquent credit, the percentage of Americans with at least one credit report trade line from third party debt collection agencies stayed near an all-time high in the...
View ArticleCredit Card Balances Increase Year-Over-Year for the First Time in 5 Years
According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, the total balance of bank credit cards increased slightly over the year ending July 2013 (from $533.3 to $536.5...
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