Economy

CFPB Credit Card Report Breaks Down Debt Collection Market

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The amount of outstanding credit card debt declined by more than $100 billion between 2019 and 2020, largely due to consumers paying down their debts, according to a report issued this week by the Consumer Financial Protection Bureau, which also detailed the pre- and post-chargeoff collection efforts and touted the …

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Student Loan Debt Holding Individuals Back: Report

Student loan debt is keeping a lot of people from accomplishing their financial objectives, according to a report released by the National Association of Realtors, including buying a home, taking a vacation, and starting a family, while also forcing more individuals to take second jobs or work where they are …

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Renters at Risk as COVID Assistance Plans Expire: CFPB

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Millions of individuals who rent apartments or homes nationwide are at risk of “economic harms” as programs created to help individuals during the COVID-19 pandemic are coming to an end, according to a report issued by the Consumer Financial Protection Bureau, and companies in the accounts receivable management industry might …

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Fewer Consumers Missing Credit Payments: FICO

To the likely surprise of nobody in the accounts receivable management industry, fewer consumers are missing their debt payments than ever before, consumers are carrying less debt, and there are fewer consumers actively seeking to borrow money, which all contributed to the average credit score among consumers in the United …

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PRA Group to Close Birmingham Office

Portfolio Recovery Associates is closing its office in Birmingham, Ala., which will affect 133 employees who worked there. The company filed a notice with the state Department of Commerce in late July. The office will close at the end of September. The office in Birmingham is one of 10 the …

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Senate Republican Working to Overturn Latest Eviction Moratorium

The leading Republican on the Senate Banking Committee is trying to get the latest eviction moratorium put in place by the Centers for Disease Control overturned, saying that the move “lacks both a legal and an economic justification.” Sen. Pat Toomey [R-Pa.], the Ranking Member of the Senate Banking Committee, …

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