It has been a very active period for impactful developments in the ARM industry. Let’s take a look at some of the news that will have a long-term effect on the debt collection industry.
Much like what has been transpiring within the U.S. debt collection and accounts receivable management (ARM) industry since the formation of the CFPB, there have been significant changes in collection procedures and priorities in the UK market over the past several years.
Debt buyer Encore Capital Group, Inc. (NASDAQ: ECPG) said Monday that it has set June 13 as the closing date for the proposed merger with rival Asset Acceptance Capital Corp. (NASDAQ: AACC).
The national credit card delinquency rate (the ratio of borrowers 90 or more days past due) decreased to 0.69% in Q1 2013 from 0.73% in Q1 2012. The delinquency rate experienced a sharp 18.8% seasonal decline from the end of 2012, when it stood at 0.85%.
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.
The latest rumblings about the debt collection and accounts receivable management industry are a mixed bag for credit and collection professionals.
The Commerce Department’s Bureau of Economic Analysis said Friday that real gross domestic product (GDP) in the U.S. grew at a 2.5 percent annual rate in the first quarter of 2013.
In an employment environment where good news is increasingly hard to come by, two collection agencies separately announced major expansions Tuesday, adding hundreds of jobs to local economies that need the boost.
The issue of students and student loan debt will probably be perennial: education costs are increasing; student loans and private loans are almost the norm.
Severe derogatory or charged-off balances, the bulk of student loan write-offs, for the first two months of the year hit $3 billion, an increase of more than 36% from same time a year ago ($1.9 billion) while balances in bankruptcy remained level at $0.5 billion.