Encore Capital Group, Inc. (NASDAQ:ECPG) announced yesterday that it has collaborated with U.S. Reps. Scott Peters (CA-52) and Duncan Hunter (CA-50) to create a bill that would exempt up to $2,500 worth of forgiven personal and household debt from federal taxation. The bill (H.R. 2640) was recently introduced as the “Consumer Debt Forgiveness Tax Relief Act of 2015.” This re-raises the 1099-C debate for the collection industry.
Earlier this month The New York Times ran an Opinion piece by Lee Siegel, who tells his story of committing to expensive student loans for two degrees and what it did to his family. When faced with the choice of what to do, he decided to default on his loans rather than pursue a job/career in a field that was not his passion. His story is not a unique one at all.
Our society’s attitude towards consumer financial products has fundamentally changed since the mortgage meltdown. A key component of this change is a role for the federal government to actively regulate industries where it feels consumers can be easily harmed. While it may not have appeared to the ARM industry that it was being ignored by […]
After a run of fantastic job reports for the U.S. economy in late 2014, the latest employment report from the Labor Department cemented what was a lackluster first quarter of 2015. In March, hiring bottomed out, with just 126,000 jobs added last month, and another 69,000 subtracted from previously reported totals in January and February. March was the slowest single month for job growth since 2013.
After the recession, ARM firms who adapted their business practices are capitalizing on new opportunities as the economy improves.
After a blockbuster employment report to begin 2015, the Labor Department reported early Friday that the labor market corrected itself a bit in February. While job growth was robust last month, 295,000 added, and the unemployment rate dropped to 5.5 percent, wage growth was very slow and the labor participation rate fell slightly.
New research studies from Experian, the leading global information services company, found that by adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial services such as loans and credit cards
The percentage of Americans with at least one account in the third party debt collection system fell to a post-financial crisis low in the fourth quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York. The average balance of accounts in collection also fell for a second straight quarter.
The U.S. Labor Department early Friday said that non-farm payrolls in the country grew by 257,000 in January, slightly more than what analysts had expected. The headline unemployment rate actually increased to 5.7 percent from 5.6 percent in December. But that, combined with other data released, is a positive development in one of the best jobs reports in decades.
Just over a quarter million jobs were added to the American economy in December 2014 as the official unemployment rate dipped to 5.6 percent, the lowest reading since June 2008. While the gains were broad-based and slightly higher than expectations, wages unexpectedly dipped in the month for the first time this year.