U.S. Federal Reserve said Friday that consumer credit outstanding increased at an annual rate of 7.1 percent in October, including a 6.1 percent increase in credit card spending, the largest increase since May.
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.
Both the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) and the average credit card debt per borrower dropped on a yearly basis during Q3 2013.
The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York. But the average balance of accounts in collection increased sharply.
The Consumer Financial Protection Bureau (CFPB) today published debt collection complaints it has been collecting since July 10. The data was made publicly available in the Bureau’s Consumer Complaint Database.
A common theme insideARM has been tracking for the past few years is the shrinking pipeline of consumer debt for the accounts receivable management industry. It’s been easy to point to the massive decline in credit card debt, once the reliable lifeblood of debt collectors, and warn of fewer accounts coming down the pipe from that sector.
Store-branded credit cards are becoming more popular with major retailers and with consumers who have the option to save money on their purchases if they open one.
Total consumer credit card debt outstanding fell at an annual rate of 1.2 percent in August for the third straight month, according to the Federal Reserve.
Consumer delinquencies rose slightly across most loan categories in the second quarter of 2013, but remain significantly below their 15-year average, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The average debt held by consumers who are behind in their debt repayments rose 17 percent between 2007 and 2012, according to data released today by FICO