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.
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.
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
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 billion), realizing the first year-over-year increase in 5 years.
A new TransUnion study found that consumers with the ability to pay larger amounts than the minimum payment due on their credit cards had significantly lower delinquency rates on not only their credit cards, but also their auto loans and mortgages. Consumers who made the minimum payment, or close to it, generally had higher delinquency rates.
According to Equifax’s latest National Consumer Credit Trends Report, consumer payment behavior and delinquencies are improving and new credit is increasing across nearly all verticals year-to-date in June 2013.
For the second straight quarter, the percentage of Americans with at least one account in the third party debt collection system hit an all-time high in the first three months of 2013. Close to 15 percent of consumers have an account being worked by debt collectors.