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America’s economic engine is still revving, despite fears of a slowdown

WashingtonCNN —  A key driver of the US economy remains solid. Spending at US retailers rose 0.1% in August from the prior month, the Commerce Department reported Tuesday. That’s a much slower pace than July’s upwardly revised 1.1% gain, but well…
Editorial News

FTC Provides Annual Letter Summarizing Debt Collection Activities

The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activities to protect consumers in the debt collection arena. The summary is used by CFPB in its annual report to Congress on the activities of…
Bankruptcy News

Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help

New YorkCNN —  It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily. At $1.14 trillion, Americans’ credit card debt is…
Legal News

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts. Beginning Thursday, Sept. 23, 2021, taxpayers with…
Educational News

What happens if you don’t pay your student loans?

Student loan payments are due in October for the first time in three-plus years – but for the next 12 months, borrowers will be able to skip payments without facing the harsh financial consequences of defaulting on their loans. The Biden administration…
Government News

2024 FDCPA: Key Updates to the Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act (FDCPA) serves as a foundational piece of legislation protecting consumers from abusive debt collection practices. This blog post outlines key elements of the FDCPA, covering crucial sections such as communication guidelines, legal limitations, and consumer rights.…
Editorial News

Collection Agencies – Financial Regulation

A Collection Agency means a person who engages directly or indirectly in the business of collecting for, or soliciting from another, a consumer claim; or collecting a consumer claim the person owns, if the claim was in default when the person acquired…
Bankruptcy News

Credit card debt hits record $1.14 trillion, New York Fed research shows

Collectively, Americans now owe a record $1.14 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8%…
Legal News

Household Debt Increased Moderately in Q2 2024; Auto and Credit Card Delinquency Rates Remain Elevated

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit . The report shows total household debt increased by $109 billion (0.6%) in Q2 2024, to $17.80 trillion. The report…
Educational News

US Supreme Court declines to revive Biden’s student debt relief plan

WASHINGTON, Aug 28 (Reuters) – The U.S. Supreme Court declined on Wednesday to revive President Joe Biden’s student debt relief plan, giving a boost to Republican-led states that have sued to block it. The justices rejected the administration’s request to temporarily lift…