Economy

The number of individuals with an account that has been placed with a collection agency continued to hit record lows in the third quarter, even as the average collection amount per person increased, according to data released yesterday by the Federal Reserve Bank of New York. Less than 8% of …

Consumers expect to make less money and spend less money, but fewer consumers expect to miss a debt payment in the next three months, according to data released yesterday by the Federal Reserve Bank of New York. The data paints a picture of how consumers feel they are managing their …

The number of individuals who are falling behind on their utility bills is skyrocketing, according to an analysis conducted by the National Energy Assistance Directors’ Association, especially as moratoriums that have been put into place during the coronavirus pandemic are expiring. On July 31, the estimated amount that was owed …

Even rich people are having problems paying their bills, according to a new report released by the Consumer Financial Protection Bureau. Looking at data that from a previously conducted survey, researchers at the CFPB concluded that 40% of all individuals had difficulty paying a bill or covering an expense in …

There was an overall drop in delinquency rates among mortgages, credit cards, auto loans, and student loans during the first few months of the coronavirus pandemic, according to data released yesterday by the Consumer Financial Protection Bureau, which also indicated that individuals were not using their credit cards to keep …

A survey of individuals from across the United States has revealed the lengths that people have gone to in order to make ends meet during the coronavirus pandemic, which offers a glimpse into how the country is managing its finances and illustrates the full impact of the pandemic, especially on …

Most collection agencies are private companies, and do not have to release their financial statements. So all we outsiders have to go on is anecdotal or empirical information about how companies in the industry are doing. But there are a couple of companies that are publicly traded and one of …

As might be expected, customer service representatives, a category of workers that include collection agents, were among the hardest hit during the early days of the pandemic, according to research that was published by the Federal Reserve Bank of St. Louis. The research looked at the annual earnings of those …

A consumer finance lender that caters to Latino immigrants has agreed to dismiss all pending collection lawsuits it has filed and committed to filing 60% fewer cases in the future after consumer advocates and journalists started asking the company questions about its collection practices. Oportun also announced it would cap …

There has been no end to the number of jokes and memes referencing the dumpster fire that 2020 has been for the country and the world, and if this were any other presidential election year, the media and your political expert friends on Facebook would be pumping out content about …