Credit Card Debt Debt Collection

As regulators target debt collectors, attorneys warn banks to rethink selling defaulted credit card debt

One of America's top corporate law firms warned credit card issuers about potential consumer fallout from regulatory actions aimed at third-party debt collectors. According to a bulletin distributed by Ballard Spahr LLP, a series of communications from the Consumer Financial Protection Bureau signal a "major focus" on enforcing rules set forth in the Dodd-Frank Act. [...]

Categories: Credit Card Debt / Debt collection
FICO survey shows banks ready to increase credit card limits in 2013

More than half of American bankers expect consumers to request credit line increases during 2013, according to the results of a recent survey commissioned by FICO. The credit scoring company asked a panel of 251 bank risk managers to predict household credit trends over the next six months, and the results bode well for both [...]

Categories: Credit Card Debt / Debt collection
Credit card limits increase, while balances drop in many major cities

A pair of studies from a leading credit reporting agency shows that credit card use continues to stabilize, especially in parts of the country hit hardest by the recession. Equifax's recent National Consumer Credit Trends Report measured increases in auto loans, student loans, and new credit cards. Meanwhile, a study of regional credit card debt [...]

Categories: Credit Card Debt / Debt collection
Credit card debt drops 28 percent

Americans shaved nearly $200 billion from their bank credit card balances since 2009, according to figures released this month by credit reporting agency Equifax. The company's National Consumer Credit Trends Report tracked the 28 percent drop in credit card debt from a peak of $730 billion in January 2009. Meanwhile, the country's available bank card [...]

Categories: Credit Card Debt / Debt collection
State AG bans credit card offers that revive expired debts

An unusual series of credit card offers has started arriving in the mailboxes of Americans with past defaults and delinquencies, according to news reports. However, these offers of credit cards for bad credit scores come with an unexpected downside. Offered through partnerships between regional banks and debt collection agencies, these accounts require consumers to pay [...]

Categories: Credit Card Debt / Debt collection
Credit card news suggests consumer debt could rise

A trio of related credit card news items suggests that consumers could be setting themselves up for a new cycle of debt. While outstanding consumer debt has dropped, at least one card issuer is making it easier for card holders to increase their use of credit. Meanwhile, newly released data from the [...]

Categories: Credit Card Debt / Debt collection
TransUnion: Credit card delinquencies hit 18-month low

A recent TransUnion report reveals that credit card delinquency has continued to drop in the second quarter of 2011, marking what now amounts to a year and a half of falling delinquency rates. Although delinquency rates have been dropping for the past six quarters, the improvement in the second quarter of 2011 was still unexpected [...]

Categories: Credit Scoring / Reporting, Credit Card Debt / Debt collection, Credit Card Delinquencies
TransUnion: US credit card debt reaches 10-year low

Consumers made $72 billion more in credit card payments than they did purchases in 2009, according to a new consumer study from TransUnion, one of the three major credit bureaus in the United States. According to this recent report, which tracked consumer debt patterns between the first quarter of 2009 and the first quarter of [...]

Categories: Credit Card Debt / Debt collection
Credit card accounts up 35 percent since last year, says Equifax

Credit card deals have helped banks bounce back with a 35-percent bump in new accounts compared to last year, according to a new report from Equifax. Researchers at the national consumer credit bureau released the July edition of their monthly Credit Trend Report, drawing on data compiled from the credit profiles of nearly 600 million [...]

Categories: Credit Card Debt / Debt collection, Credit Scoring / Reporting
Credit card debt down while overall debt up in April, per Fed

Although U.S. credit card debt is well below its 2008 peak, the total amount of debt in America rose in April 2011. According to the latest report from the U.S. Federal Reserve on June 7, 2011, the figure is up $6.3 billion over March. The April figures for consumer credit show mixed trends: total debt [...]

Categories: Credit Card Debt / Debt collection
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