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A Third of Consumers Have Debt in Collections: Study
A study released Tuesday found that the share of Americans in collections has remained steady even as the U.S. pares down the size of its credit card debt.
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Total outstanding U.S. auto loans reached a record high of $902.2 billion through April, an increase of more than 10% from the same time a year earlier, according to the latest Equifax National Consumer Credit Trends Report released Thursday. more »
YOUTH APPEAL: "These are people that don't have established banking relationships. They're used to doing everything in mobile," said David Nelms, the CEO of Discover, which lacks a branch network.
The credit card issuer is looking to build its campus business at a time when other banks' relationships with college and universities are facing regulatory threats. more »
The Consumer Financial Protection Bureau has started fielding complaints about nonbank products such as debt settlement, credit repair and pawn and title loans. more »
BACK IN BUSINESS: Credit line increases had been in "brownout" mode until the company retooled to comply with CARD Act rules and started granting more increases again "in the latter part of last year," Capital One CEO Richard Fairbank says.
After two years of slimming down, Capital One Financial (COF) is finally seeing growth in its U.S. credit card loan portfolio. more »
A debt collection telephone scam in West Virginia is targeting consumers by summoning them to court over unpaid credit card accounts - debt that in most cases apparently does not exist. more »
Overall U.S. consumer borrowing, including credit card borrowing, increased in May - primarily the result of Americans taking out more loans to buy cars. more »
The arrest of a Russian man who is accused of hacking into U.S. retailers' computer systems to steal credit card data has sparked claims from Russian authorities Tuesday that the U.S. violated a bilateral treaty. more »
The total number of new bank-issued credit cards in Q1 is 11.3 million, a six-year high and an increase of 17.2% from the year-ago period, according to the latest Equifax National Consumer Credit Trends Report. more »
Associated Banc-Corp (ASBC) has acquired $100 million in credit card receivables tied to the Green Bay, Wis., company's customers. more »
STARTING TO SPEND: "U.S. consumers are becoming more comfortable in holding credit," says Scott Anderson, chief economist at Bank of the West.
U.S. consumers, whose use of revolving debt fell by more than 15% once the Great Recession hit, are finally re-embracing the credit card. more »
The scams involving home-based businesses included offering payment processing services, credit card terminals and merchant cash advances to small businesses. more »
Americans were budget and money conscious with their tax returns this year, according to a survey by American Consumer Credit Counseling, a national financial education nonprofit organization. more »

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