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.
The Labor Department Friday said that the U.S. economy generated 203,000 jobs in November and the official unemployment rate fell to seven percent, the lowest rate in five years.
The Commercial Collection Agency Association of the Commercial Law League of America reports that in the third quarter of 2013, the number of commercial (B2B) accounts placed with CCAA members increased by 14.49% when compared to the second quarter 2013.
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 U.S. economy in the third quarter of 2013 expanded at a 2.8 percent rate compared to the second quarter, according to data released by the Commerce Department Thursday.
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.
Her Majesty’s Revenue and Customs (HMRC), the UK equivalent to the US Internal Revenue Service (IRS), said that the group of private debt collection agencies working on its behalf recovered £464,058,131 ($750.3 million) in back taxes over the first two years of the full implementation of the program.
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.
Bad news for Congressional Republicans: As the clock ticks toward a potential government shutdown at midnight, it looks like they still won’t be able to shut down the Consumer Financial Protection Bureau, a goal they’ve had since its inception. Since the CFPB gets its money from the Federal Reserve, it would remain open even if the government [...]