(source: en.wikipedia.org)
According to a new report from the Federal Reserve, total household debt rose to $14.56 trillion in the fourth quarter of 2020, an increase of $206 billion from the third quarter. Year-over-year, the report shows an increase in household debt of $414 billion. The increase...
Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. This follows a...
U.S. consumers have been paying down payments on credit cards with the pandemic continuing to hamper spending opportunities, which has led to dramatically falling bank card loans, The Financial Times (FT) reports. According to the report, the total amount of card loans in U.S. banks...
Debt collection is ready to enter the digital age. To that end, the Consumer Financial Protection Bureau (CFPB) issued a final rule on Friday (Oct. 30) that allows debt collectors to engage with borrowers over a broader range of communications channels than before. The communications can...
The pandemic has fueled a record $10.5 trillion debt owed to creditors by U.S. corporations, 30 times the debt of 50 years ago, MarketWatch reported, citing a report from BofA Global Research. The largest piece of debt, $7.2 trillion, is owed by companies with investment-grade...
Future Retail, a sprawling brick-and-mortar operation owned by Indian billionaire Kishore Biyani, made a $14 million interest payment to debt-holders on Monday (Aug. 24) – barely beating the wind-down of a grace period and narrowly avoiding defaulting on a half-billion dollars in debt, CNBC TV18...
Citigroup Inc. has asked a federal judge to order Brigade Capital Management LP to return $176 million accidentally paid to the New York-based global investment firm. The BBC reported the lawsuit, filed in the Southern District of New York Court, said Citigroup intended to send...
The steep decline in consumer spending resulted in less U.S. household debt for the first time since 2014, the Financial Times (FT) reported. At the end of June, consumer debt balances sat at $14.27 trillion, according to figures from the Federal Reserve Bank of New...
With one in five workers collecting jobless benefits thanks to the pandemic, banks braced for increased credit card debt and delinquencies as families struggled to pay bills. It turns out, financial institutions report missed consumer payments and a request for more credit have not materialized,...