The three largest credit reporting agencies will start removing medical debt from consumers’ reports beginning in July in a move that over time will result in the elimination of close to 70% of healthcare arrears in collections, The Wall Street Journal reported on Friday (March 18). For...
At first glance, the read-across from the latest data from the U.S. Federal Reserve should be encouraging. Consumers are feeling more confident — so they are borrowing more. But the warnings signs are there if you look at other data points. The consumer may indeed...
It’s getting harder to pay the rent, the mortgage and the bills, such as water and energy services, that are so critical for day-to-day life. That means that the debt owed to local governments — for a range of services that can span electric bills,...
Total U.S. household debt increased 2.2%, or $333 billion, to $15.58 trillion in the fourth quarter of 2021, according to a Tuesday (Feb. 8) press release from the Federal Reserve Bank of New York’s Center for Microeconomic Data. According to the Household Debt and Credit...
Collection agencies can now reach out to debtors by text, email and social media following new rules enacted by the Consumer Financial Protection Bureau (CFPB), according to multiple reports. Changes to the 1977 Fair Debt Collection Practices Act are the first since its inception and...
Household debt in the U.S. has now topped $15 trillion, with credit card balances up $17 billion to reach $800 billion in the third quarter, the second consecutive expansion following a year of declines, according to a report from the Federal Reserve Bank of New...
England’s central bank has issued a new report warning of a rise in small business failures in the U.K. by the end of 2021, saying that a third of such businesses in the nation are highly indebted. That’s more than double the amount since before...
Household debt increased by $313 billion (2.1 percent) in the second quarter of 2021, hitting a total of $14.96 trillion, according to information from the Federal Reserve Bank of New York’s Center for Microeconomic Data, which was released on Tuesday (Aug. 3). The total debt...
Medical debt in the U.S. is more than any government department was aware, with collection agencies trying to recoup debts totaling some $140 billion, The New York Times reported on Tuesday (July 20), citing a new JAMA study. Healthcare debt is now the biggest source...
