Debt Collection Articles
General Credit related blogs by
Marcadis Singer, PA
Florida Debt Collection Attorneys & Creditors’ Rights.
Industries with the Largest Consumer Debt
Industries with the Largest Consumer Debt As previously stated, almost 30 million Americans have at least one debt in collections, and roughly one-fifth (19.5%) of credit reports contain one or more medical collections tradelines. Non-medical collections tradelines...
The Role of Debt Collection and Third-Party Debt Collection Services
The Role of Debt Collection and Third-Party Debt Collection Services The average delinquency rate—the percentage of accounts 30 to 59 days past due (DPD)—across all debt categories has decreased by 38 percent in the last decade,” according to Experian. Payments 60 to...
Debt Collection Industry Statistics | Debt Collection in 2020
Debt Collection Industry Statistics | Debt Collection in 2020 The debt collection industry is overall income in 2018 was $11.5 billion, down from $13.5 billion in 2013. Consumer debt reached approximately $14 trillion in 2019, up nearly $2.3 trillion from the...
Debt Collection in 2020: Statistics, Trends, Collection Practices, and More
Debt Collection in 2020: Statistics, Trends, Collection Practices, and More First in a Series The debt collection industry has gotten a lot of flak over the years, yet it's still a thriving business in a variety of industries, including auto finance, healthcare,...
The Auto Loan Market Continues to Recover
The Auto Loan Market Continues to Recover Q1 2021 IIR Auto Loan Market In Q1 2021, the larger car finance industry largely recovered, with average debt per borrower surpassing $20,000 for the first time since TransUnion started tracking the indicator. In Q4 2020,...
Personal Loan Originations Continue a Slow Recovery – 4th in a Series
Personal Loan Originations Continue a Slow Recovery Q1 2021 IIR Personal Loan Summary Personal loan originations began to recover in the Q4 2020, steadily growing after the market contracted nearly 50% in Q2 2020, and 30% in Q3 2020. Originations were still 20% below...
The spike in Mortgage Originations Expected to Continue – 3rd In A Series
In a low-interest environment, the spike in Mortgage Originations expected to continue. Q1 2021 IIR Mortgage Loan Summary As major delinquencies declined in Q1 2021, the boom in mortgage originations persisted in Q4 2020 (viewed one quarter in arrears). Mortgage...
Credit Card Balances Continue Declining in 2021 – 2nd In A Series
Credit Card Balances Continue Declining in 2021 Q1 2021 IIR Credit Card Summary Credit card balances continued to fall in Q1 2021, with total balances falling to $688 billion from $814 billion the previous quarter. The average consumer credit card debt per borrower...
Consumer Credit Performance is Improving, and Demand is Increasing – 2nd In A Series
TransUnion's Industry Insights Report for Q1 2021 looks at credit patterns a year following COVID-19. Despite the shockwaves caused by the COVID-19 outbreak, the consumer credit industry is well-positioned as many areas of the country prepare to reopen this summer....
Myth #10 – Debt Collectors Garnish Your Wages
Myth #10 - Debt Collectors Garnish Your Wages Not True. Debt collectors, and a debt collection attorney are unable to garnish your wages. Only a court can garnish your wages for consumer debt. First traditional collections efforts must be unsuccessful. Next, you are...
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