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Risk and reward: How AI is driving the US debt collection industry

The use of AI in the sector only looks set to grow; even though just over 10% of collections firms currently employ AI-driven tools in the US, around 60% are considering implementing them. The benefits are clear: AI tools can predict which…
Bankruptcy News

Bankruptcy Filings Increase Across All Chapters in First Quarter 2024

NEW YORK/ALEXANDRIA, VA – April 2, 2024 – New bankruptcy filings during the first calendar quarter of 2024 (Jan. 1 through March 31) registered year-over-year increases across all U.S. major filing categories, according to data provided by Epiq Bankruptcy, the leading…
Legal News

Peak rates boost U.S. demand for riskier form of corporate debt

March 15 (Reuters) – The U.S. market for one of the riskiest types of corporate debt is resurging this year, as companies cater to investor demand for assets that can lock in high yields for several years ahead of an…
Educational News

Biden touts ‘fixed’ student loan forgiveness programs in State of the Union. Here’s what he meant

In his State of the Union address Thursday night, President Joe Biden talked up his administration’s work to forgive the student debt of nearly 4 million people. “When I was told I couldn’t universally just change the way in which we dealt with student…
Government News

How Consumer Credit Trends Impact Debt Collection in 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the…
Editorial News

How New York State’s 2024 Plan Will Affect Debt Collection

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New…
Bankruptcy News

Fed holds rates steady and maintains three cuts coming sometime this year

The Federal Reserve on Wednesday held interest rates steady as expected and signaled it still plans multiple cuts before the end of the year. Following its two-day policy meeting, the central bank’s rate-setting Federal Open Market Committee said it will keep its…
Legal News

Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: ‘People are really struggling’

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal…
Educational News

Biden Will Try Again to Wipe Out Student Loan Debt for Millions of Borrowers

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans,…
Government News

Mortgage Rates in U.S. Tick Down in Mid-March

Based on Freddie Mac’s latest Primary Mortgage Market Survey, the U.S. 30-year fixed-rate mortgage (FRM) averaged 6.74 percent as of March 14, 2024. “The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent…