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Forecasts and Trends

My Debt Relief Industry Forecast for 2012

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At the start of a new year I always like to look forward and contemplate what the debt relief industry is going to look like in the next twelve months. I believe 2012 will be another year of stark closures of debt settlement companies and aggressive merging of credit counseling groups. I don’t see any evidence pointing to a substantial ... Read More »

Consumer Bankruptcy Filings Trend Downwards but Expect Early 2012 Spike

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Data out regarding recent bankruptcy filings is showing a continued downward trend as more consumers have dealt with their problem debt and the pipeline of new credit extensions remains unfilled. The percentage of cases under a Chapter 13 bankruptcy have increased to about 30% of all consumer bankruptcy filings. This is the result of a decrease in Chapter 7 bankruptcy ... Read More »

Bankruptcy Filing Rates Continue to Drop

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Credit Slips is reporting that U.S. bankruptcy filings have now dropped for the 13th consecutive month in November. The daily filing rate is down 12.5% from last November. Although the past seven months have seen double-digit year-over-year drops, these drops have consistently stayed between 10-17%. In other words, there is no increase in the rate of decrease. Extrapolating from this ... Read More »

Consumer Debt Up in October But More Behind the Numbers

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The November Federal Reserve G19 report is out with the latest reported G19 figures. The report indicates a 0.6 percent increase in revolving consumer debt and a 5.3 percent increase in non-revolving consumer debt in October. If we look at the revolving consumer debt numbers, the increase was dues to increases in finance companies, and pools of securitized assets. Non-revolving ... Read More »

Debt Relief Companies – Keep Watching Costs in 2012

TU2012 Projections

TransUnion has just come out with their 2012 projections on mortgage and foreclosure delinquencies for 2012. And while I would love to see the debt relief industry explode with new tools to help consumers and greater opportunities, 2012 is looking like more of 2011 when it comes to debt relief industry volume. Additionally, my forecast is that debt relief companies ... Read More »

Federal Reserve Report Digs Into Consumer Debt

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A new Federal Reserve report is out that describes the status of household debt and credit developments in the third quarter of 2011. The report shows the total amount of indebtedness is still mostly contracting. The number of credit card accounts is still down to near decade low levels. Car loans are slightly increasing while new mortgages continue to dwindle. ... Read More »

Credit Card Volume Shows Some Life

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There is an excellent post by Harry Terris from Collections and Credit Risk about recent consumer spending trends you should read. Now, growth rates in credit card purchases, at 8.8% from the previous year in the third quarter, and durables spending, at 5.6%, have leapfrogged overall consumption growth. Cardholders have managed this without additional borrowing. The contraction in total credit ... Read More »

Credit Card Delinquencies Poised for an Increase

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In what I predict will be a good news, bad new trend for debt relief companies it now appears that we may be in early days of an increase in credit card delinquencies. This might be a big increase with both the holiday spending period upon us and employment remaining flat. Credit card delinquencies are currently at historic lows rates, ... Read More »

Federal Reserve Announces Revolving Consumer Debt Fell in September

Revolving Consumer Credit

According to the Federal Reserve, consumer credit increased at an annual rate of 1-1/2 percent in the third quarter. But revolving credit decreased at an annual rate of 3-1/4 percent, while non-revolving credit increased 3-3/4 percent. In September, consumer credit increased at an annual rate of 3-1/2 percent. The increase of non-revolving consumer debt is linked to auto and student ... Read More »

Debt Relief Demand Continues to Drop. Bankruptcy Filings Slow.

Quarterly Bankruptcy Figures

The latest bankruptcy filing numbers are out. Unfortunately they do not spell opportunity for current debt relief providers of any tax status. The decline in demand by consumers for intervention services has dropped across the board. For me it’s just further evidence the pipeline for debt relief help is draining and without a new influx of credit issued to consumers ... Read More »

Credit Counselors Clueless. I Have a Dream of a Better Debt Relief Industry

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Recently I had a chance to listen to a conference call of non-profit credit counseling agencies. It was a highly enlightening hour of my life and confirmed what I was hoping was not true. I’m sad to tell you today, after listening to the call, the majority of the non-profit credit counseling agencies don’t have a clue what their own ... Read More »

Debt Relief Industry Recovery Postponed Again. Consumer Confidence, Sucks!

Consumer Credit Counseling Trend

The latest consumer confidence numbers are out. It’s not good news. Apparently consumers are less confident now about the future than they’ve been in a while. The Consumer Confidence index dropped almost seven points from last month. Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence is now back to levels last seen during the 2008-2009 ... Read More »

Why is Credit Counseling Stumped Demand is Down?

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Over the past couple of weeks I’ve noticed a wave of information appearing on the web about the decrease in demand for credit counseling services. The reason given seems to be “consumer fatigue.” The peak client numbers that nonprofit consumer credit counselors saw in 2009 appear to be slowly falling. NFCC member agencies in the Ninth District began to see ... Read More »

Credit Card Balances Continue to Drop in August

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Federal Reserve data just out shows consumer revolving and non-revolving debt continues to drop. August showed a 3.4 percent drop in revolving debt. More disconcerting was the reduction in the pools of securitized assets where issued credit cards are packaged and sold. August’s 40.3 billion is anemic and is not a good indicator that banks can initiate and move larger ... Read More »

Bankcard Issuance High But Still Not Good Sign for Debt Relief Industry

PRMIA Survey

Just like the economy, credit card issuers are sending mixed signals about consumer debt. I wanted to share my opinions and read the tea leaves this month. Equifax is reporting credit cards are being issued at a faster rate this year. “More than 18 million new bankcards have been originated between January-June 2011. While this total represents a 3-year high ... Read More »

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