Economy

Consistent with anecdotal reports from collection agencies across the country that individuals are interested in making payments and arrangements to pay off their debts, a report from TransUnion reveals that delinquency rates in April were in line with the rates from April 2019. More surprisingly is that delinquency rates dropped …

A consumer advocacy has published an analysis of the complaints filed by consumers with the Consumer Financial Protection Bureau during the coronavirus pandemic and there are some interesting data points related to the accounts receivable management industry. For example, among the complaints that have been filed and mention coronavirus, debt …

Speaker Nancy Pelosi yesterday unveiled a $3 trillion stimulus package that would give individuals the right to obtain a forbearance on any debt simply by asking for it, while also providing debt collectors with the opportunity to obtain “long-term, low-cost” loans to cover any losses caused by the forbearances. A …

Encore Capital Group reported a net loss of $10.4 million for the first quarter of 2020, compared with profits of $49 million for the same period a year ago, and revised its collection forecast downward for the rest of the year because of the expected impact of the COVID-19 pandemic …

Investors seemed to be very happy with the financial results released last Thursday by PRA Group, given that the company’s stock price rose by 32% on Friday, the day after it published that the first quarter was much better than expected. The company posted net income of $19.1 million during …

A trio of Senate Democrats unveiled a bill on Friday that would provide individuals with a monthly stipend of $2,000 — which would be protected from garnishment by debt collectors — for the duration of the coronavirus pandemic, because the $1,200 that was already made available is not enough to …

The economic toll of the coronavirus pandemic is not just being felt by individuals. Branches of government at all levels are now starting to feel the impact of lost revenue and increased expenses that have resulted from the crisis and are starting to scale back previously announced plans to make …

Nearly one-in-four adults with a credit card added to the amount of debt they are carrying on those cards during the month of April, according to a survey that was conducted by CreditCards.com. Forty-seven percent of individuals surveyed said they had a balance on their credit card in April, up …

Millennials are bearing the brunt of the financial impact of the coronavirus pandemic across the globe and here in the United States, according to research that was released yesterday by TransUnion. Worldwide, 76% of Millennials who participated in a survey said their household incomes have been negatively impacted by COVID-19, …

The coronavirus pandemic has created a situation where bankruptcy professionals are “overwhelmed” with the number of inquiries they are receiving from consumers and businesses who are out of work and are running out of options, according to the executive director of the American Bankruptcy Institute, who was quoted in a …