The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
CONSUMER ADVOCACY ISSUES STATE-BY-STATE REPORT ON UDAP LAWS
- The National Consumer Law Center, a consumer advocacy group, has updated its report on analyzing the Unfair and Deceptive Acts or Practices (UDAP) laws on a state-by-state basis, and, perhaps not surprisingly, concludes that states are not going far enough when it comes to protecting consumers. The report includes a state-by-state breakdown of UDAP laws, along with a breakdown of which states have improved or weakened their consumer protections in the past decade, and a breakdown of whether the law applies to debt collection.
CREDIT CARD DEBT TOPS $1 TRILLION, CHARGE-OFF RATE EXPECTED TO INCREASE, TOO: STUDY
- The amount of outstanding credit card debt in the United States exceeds $1 trillion for the first time ever, according to the results of a study released late last week by WalletHub. To get over the $1 trillion mark, Americans added more than $90 billion of credit card debt last year, only the fourth time in the past 30 years that so much was spent in a calendar year. In each of the previous three times that the amount spent in a year exceeded $90 billion, the charge-off rate increased in the following year.
MORE DEBT PORTFOLIOS OUT THERE TO BE BOUGHT, BUT FEWER PLAYERS ALLOWED TO BUY IT
- The amount of defaulted debt that is available to be purchased is increasing, and the price to buy that debt is falling, yet most of that debt is unavailable to be bought by the rank-and-file members of the industry, according to a published report. In fact, the larger debt buyers that have the best chance at purchasing those portfolios are doing what they can to keep them out of the hands of anyone else.
UNDERSTANDING THE GENERATIONS IN THE CREDIT & COLLECTIONS INDUSTRY
- Linda Straub Jones from LexisNexis Risk Solutions writes about the differences in trying to collect from members of different generations. Today’s credit and collections industry has an issue it has never faced before – dealing with multiple generations who are so vastly different from each other that you have to come up with different strategies to market to them, bank with them, communicate with them and collect from them.
DEBT BUYING MARKETPLACE ANNOUNCES PARTNERSHIP
- Agora Data, an online marketplace for buying and selling portfolios of auto loans, has announced a partnership with Nancy Hughes, an “industry-leading debt acquisitions expert,” to “expand the scope of services and solutions” offered by the company.
WORTH NOTING: A helicopter crash in New York’s East River killed five people last night … Researchers aren’t pulling any punches in trying to stem an overpopulation of iguanas in Florida … Anthony Bourdain on all the things you’re doing wrong when you travel … Sushi lovers can expect to pay more for eel in the coming months … The most ignorant man in America … Researchers have some adoring words for a new piece of malware affecting routers … How to make it easier to say no … Don’t be upset if your employees start carrying a voodoo doll of you around the office … A tip sheet for everyone who will be entering office pools this week … It’s more than a coincidence: the number of heart attacks spike the day after Daylight Savings Tine begins … Negotiators from the FBI and the NYPD on how to get your kids to behave … Nobody is sure who qualifies for this $415 billion tax deduction … Dropbox is going public.
The tallest building in Kentucky was blown up
Is taking off your glasses that hard that we need a pillow designed for those who don’t want to do it?
The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.
