Collection Industry News

Home - Collection Industry News
administrator
Government News

Nearly half of credit card users are carrying debt — it may take months, or years, to pay off

Many Americans are starting 2025 a little worse off than before, at least when it comes to credit card debt. Almost half of cardholders — 48% — now carry debt from month to month, according to a new report by Bankrate. That’s…
Editorial News

Mortgage demand dives nearly 22% to end 2024

A sharp rise in mortgage interest rates toward the end of December took its toll on mortgage demand, hitting just as the housing market entered its typically slowest stretch of the year. Total mortgage application volume for the two weeks…
Bankruptcy News

Four Defining Themes in Corporate Restructuring in 2024

Corporate bankruptcies rose sharply in 2024, driven by high interest rates and lingering pandemic-era debt. As many as 686 companies filed for bankruptcy as of Dec. 23, the most for any year since 2010, according to S&P Global Market Intelligence.…
Legal News

Companies From Afar Tap Houston Bankruptcy Court Despite Minimal Local Ties

Companies are tapping Houston’s bankruptcy court by setting up minimal business ties, such as a co-working address or hastily formed entities, to capitalize on debtor-friendly laws. In November, two Swedish companies—debt collector Intrum and electric-vehicle battery maker Northvolt—filed for bankruptcy…
Educational News

US’ credit score hangover hitting riskiest borrowers. Are there more troubles ahead?

For a score with a range between 300 and 850, a credit score of 670 to 739 is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit…
Government News

SEC Writes Off $10 Billion in Fines It Can’t Collect

Paul Bilzerian has been on the run from the Securities and Exchange Commission for so long that he now owes the agency $180 million with interest—almost three times what a court initially ordered him to pay. For 31 years, the agency…
Editorial News

FTC Sends More Than $540,000 in Refunds to Consumers Harmed by Phantom and Abusive Debt Collection Scheme

The Federal Trade Commission is sending more than $540,000 in refunds to consumers who paid a group of abusive debt collectors who threatened consumers with lawsuits or arrest if they failed to pay debt that they might not have even…
Bankruptcy News

Here are 12 well-known companies that went bankrupt in 2024

New YorkCNN —  This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim…
Legal News

Sweden’s Intrum Beats Bondholder Challenge to U.S. Bankruptcy Filing

Swedish debt collector Intrum won U.S. court approval for a $4.6 billion debt restructuring, defeating a bondholder group that argued the company didn’t need or deserve the protections of bankruptcy. Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston confirmed a restructuring plan…
Educational News

This Week In Credit Card News: So Many Retail Credit Cards Rip Off Consumers

Despite Fed Cuts, Many Store Credit Cards Are Still Charging Customers Extreme Interest Rates Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates, despite moves by the Federal Reserve to lower interest rates in the…