You want to beat the rising cost of homes and increasing interest rates by buying a home soon, but are you going to be able to get a mortgage?
The latest Case-Shiller housing data shows prices have gone up a little over 12% in just a year, and the National Association of Realtors’ latest numbers are even more optimistic, showing a nearly 14% year-over-year increase. Meanwhile, the rate for a 30-year mortgage has shot up by more than a percentage point in the past three months and is now hovering a bit over 4.5%.
The CFPB proposed a new rule to expand the bureau’s oversight beyond student loan servicing at larger banks to certain nonbank student loan servicers. The proposed rule defines “larger participants” as nonbank student loan servicers handling more than $1 million in borrower accounts for both federal and private student loans.
Last week, ABC's "The Lookout" aired my follow-up report about Diana Mey, the woman we first profiled in 2012 who won a $10 million judgment against a debt collection company. Like the original story, it garnered thousands of page views, zooming to the top of ABC's most viewed list.
I mention this not to pat myself on the back, but because I think the viral nature of the story is a story itself. Clearly, people out there are struggling with debt collectors. In fact, debt collectors remain the No. 1 subject of consumer complaints to the Federal Trade Commission. And not just any collectors. The subset of debt collectors that really riles people up is called "debt buyers."
Read these 6 Debt Collection Industry Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Collection Agency tips and hundreds of other topics.
Total Outstanding Consumer Credit in the U.S.
Here is interesting consumer credit information the creditors and business owners in the collection agency industry would enjoy knowing. With the expansion of consumer credit in October, total outstanding consumer credit in the U.S. now stands at $2.093 trillion.
The culture of boom and bust is very much a part of Western civilization, with the U.S. economy particularly vulnerable to periods of growth and sharp decline. This has been the case for generations, even though America's "gilded age" of the nineteenth century, and in the wake of the Great Recession it appears as though the U.S. economy is more vulnerable than ever.
Many businesses these days provide credit to customers. Unfortunately, all too often customers pay late or not at all, which can be very damaging for the cash flow of a business. Not only that, but it forces business owners to take on the adverse task of debt recovery. If you have outstanding customer debts that you haven’t been successful in recovering, then the following are some the steps involved when using litigation to effectively retrieve your money.
Customers’ unpaid bills and bad debt are just a part of doing business for Winona Health, like a lot of other companies. Also like a lot of businesses, the health system is turning more and more to third-party debt collection agencies for their training, resources and expertise in handling bad debts.
“We prefer not to have anybody end up in a collection scenario,” said Winona Health Chief Financial Officer Michael Allen. “But it does happen, and it does happen a lot.”
Despite a drop-off in severely delinquent credit, the percentage of Americans with at least one credit report trade line from third party debt collection agencies stayed near an all-time high in the second quarter of 2013, according to the Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York.
The New York Fed (FRBNY) reported that 14.60 percent of Americans had a third party collection action on their credit reports in Q2 2013, down very slightly from 14.64 percent in the first quarter, the highest rate on record.