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CREDIT CARD DEBT LOAD CONTINUES GROWING; CONSUMER SPENDING BAD HABITS MAY BE BACK FOR GOOD
- U.S. households paid down nearly $27 billion in credit card debt during the first quarter of 2016. Good news, right? Wrong. The $27 billion was the smallest amount that was paid down during the first quarter in eight years, and came after $71 billion in new debt was added to the collective credit card tab nationwide, according to a study conducted by CardHub. The study goes on to predict that the country will have more than $1 trillion in outstanding credit card debt by the end of the year, for the first time ever; more potentially bad news. As well, the $7 billion in credit card debt that was charged off during the first quarter was the highest total for a three-month period in two years.
INDUSTRY NEEDS THE CFPB’S DEBT COLLECTION RULE
- The industry needs guidance, in the form of a rule from the Consumer Financial Protection Bureau, wrote Ohad Samet, the CEO of TrueAccord, in a guest column that was published by the American Banker. The CFPB is spending all of its time identifying the bad practices that it does not want to see used in the industry, but the agency must take the step of defining what is acceptable for the industry to truly be compliant.
ACA FILES COMMENT ON FCC’s PROPOSED AUTODIALER RULE; SAYS OTHER DEBTS OWED BY INDIVIDUALS SHOULD BE INCLUDED
- To make it less complicated for debt collectors, other debts should be included in the exemption that has been proposed by the Federal Communications Commission that will allow the use of autodialer technology to contact the mobile phones of individuals with delinquent or defaulted debt guaranteed by the federal government, according to a comment on the proposed rule filed by ACA International. Including other debts in the exemption would prevent collectors from having to call individuals back if those people have other debts that need to be collected on, ACA argued in its comment. ACA also argued that the FCC should not use the TCPA to regulate the collections industry, and that the exemption should extend beyond debts that are delinquent or in default.
WORTH NOTING: Credit default rates on consumer lending products are at their lowest points since the Great Recession … Netflix says users finish the first season of a show in less than a week, averaging two hours of watching per day … How to take a guilt-free vacation … The 18 habits of mentally strong people … Why you should stop embracing failure … Photos that prove the Navy and Marine Corps have the best diving boards and swimming pools … Disney CEO: taxes are too high and too complex … Never too early for a Father’s Day gift guide … The one objective for any company owned by Warren Buffett … Why the 8-hour work day doesn’t work … Bottled water consumption is about to overtake soda consumption … The perfect summer costs $50,000 … Women have a better chance of getting hired when competing against other women.
Cyber security in the mobile era
A national memory champion explains how to never lose your keys again
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
