Collection Industry News

Home - Collection Industry News
administrator
Legal News

US banks warn costly deposits to weaken interest income in 2024

Jan 19 (Reuters) – Four U.S. banks warned of lower interest income for this year on Friday, capping a week of dour commentary from the industry that has been under pressure from high deposit costs. After more than a year…
Educational News

US bankruptcy case counts expected to continue climbing in 2024: Report

US bankruptcy filings rose 18% in 2023 due to higher interest rates, tougher lending standards, and the continued end of pandemic-era support measures, according to data from bankruptcy data provider Epiq AACER. According to the data published on Wednesday, the total bankruptcy filings rose…
Government News

Existing home sales rose 3% to start the year, but higher mortgage rates are already hurting

Sales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 1.7% year over year. The count is based on closings, so…
Bankruptcy News

US bankruptcy wave may stretch into 2024, but pace could slow

Dec 13 (Reuters) – The retail sector could continue to lead U.S. bankruptcies next year due to sticky inflation and high interest rates, but analysts expect easing monetary policy to offer some respite in the second half of 2024. There…
Legal News

Consumer bureau orders debt collection agency to shut down for illegal practices

New YorkCNN —  The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined were illegal collection practices. Specifically, the CFPB said that…
Educational News

The 5 biggest student loan updates from 2023—and what’s coming in 2024

Whether it has been a good or bad year for student loan borrowers depends on who you ask.  While a large number of borrowers got life-changing emails this year saying their loans had been forgiven, plenty of others received bills in October…
Government News

CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Under the order issued today,…
Editorial News

Developing Countries Paid Record $443.5 Billion on Public Debt in 2022

Poorest countries face risk of debt crises as borrowing costs surge WASHINGTON, Dec. 13, 2023—Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed…
Bankruptcy News

US ‘buy now, pay later’ splurges raise holiday debt hangover risk

LOS ANGELES/NEW YORK, Dec 20 (Reuters) – Roxanne Ross of Florida is one of a growing number of Americans dodging higher interest rates on credit cards by instead turning to “buy now, pay later” services as they shop for holiday…
Legal News

US bankruptcy case counts expected to continue climbing in 2024: Report

US bankruptcy filings rose 18% in 2023 due to higher interest rates, tougher lending standards, and the continued end of pandemic-era support measures, according to data from bankruptcy data provider Epiq AACER. The report said commercial Chapter 11 business reorganisation filings increased…