Delinquencies for installment and home-related loans fell in last year’s fourth quarter as the economy improved and consumers conscientiously managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
West Virginia Attorney General Patrick Morrisey Thursday announced that the Office of the Attorney General reached an approximately $1.2 million settlement in Jefferson County Circuit Court with Fast Auto Loans Inc. and Virginia Auto Loans Inc.
The Federal Reserve Bank of New York recently reported household credit data for the fourth quarter and full year 2013. It showed modest annual growth in most categories with only student and auto loans gaining significant ground.
Account Control Technology, Inc. (ACT), a national leader in delivering debt management and recovery solutions, is pleased to announce that Michael Magarrell has joined the company as Vice President of Strategic Accounts. Drawing on his more than 27 years of experience in the debt collection industry, Magarrell will lead ACT’s expansion into the auto, financial, […]
BillingTree®, the leader in on-demand payment processing technology, today announced a suite of new solutions that allow auto finance companies to expand mobile payment options to consumers, and to manage and extend customer relationships beyond their initial purchase through digital marketing promotions and value-added customer service.
As consumers continue to seek and receive more credit, the latest quarterly survey of U.S. and Canadian bank risk professionals found expectations for delinquencies on auto loans hit their highest level since Q4 2012, and expectations for delinquencies on credit cards reached their highest level in two years.
In short, student loan debt is now the largest single consumer debt class outside of mortgages. Larger than credit cards, larger than auto loans, outstanding balances on loans to pay for college dwarf everything else.
Things constantly change in the Telephone Consumer Protection Act world, sometimes for the good of the industry; sometimes not. This time, it appears that common sense has prevailed in a case involving consent to call cell phones, and may help to shape future TCPA defense arguments.
As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
According to the latest Equifax (NYSE:EFX) National Consumer Credit Trends Report, the total number of open retail-issued credit cards is greater than 183 million, the most since September of 2009.