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Home > Tag Archives: Debt Relief Trends (page 5)

Tag Archives: Debt Relief Trends

The Future of Credit Counseling. Shades Might Not be Required.

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At the recent Debt Relief Master Class I held in Raleigh, North Carolina we had the pleasure of hearing from Howard Dvorkin from Consolidated Credit Counseling Services on his view of the future of credit counseling. Howard has been in the credit counseling industry since about the early 1990s and has a very broad perspective that all debt relief providers ... Read More »

New Data Shows People Aggressively Paying Off Debt and Using Cards Less

Less consumer borrowing leads to less debt relief demand.

TransUnion has released new data that indicates consumers made $72 billion more in payments on their credit cards than purchases between the first quarters of 2009 and 2010. The reason this is newsworthy is because this occurred during a time when it was believed lower credit card debt was being driven primarily by credit card charge offs. “Many people in ... Read More »

Default Rates Continue to Fall at Credit Card Issuers

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Reports just out from five of the six top credit card issuers showed that default rates on accounts fell in June. Of the banks reporting, Bank of America showed the biggest reduction in default rates with Chase Bank, Discover reporting very noticeable declines. Just recently Discover said their default rate was at the lowest ever in their history. According to ... Read More »

Revolving Debt Increases in May. Is This a Good Sign?

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The Federal Reserve G19 report is out for May and it shows an uptick in revolving consumer debt. On an annual basis the amount of outstanding unsecured consumer debt rose at a 5.1 percent annual rate. Moving up from $789.8 billion to $793.1 billion. I’ve said for a long time to watch for an uptick in G19 revolving credit as ... Read More »

Debt Relief industry Trends, June, 2011 – Credit Counseling, Debt Settlement, Bankruptcy

Credit Counseling June 2011

In what has turned into a regular report from this site, here is the next installment in my forecast for the debt relief industry. The extension of consumer credit remains weak. Delinquencies and defaults are dropping and sometimes, as Discover announced recently, to historic lows. Credit Counseling Demand Sources inside credit counseling are reporting continued declines in new debt management ... Read More »

Consumers Demonstrate Less Need for Debt Relief Services

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TransUnion just release new data which shows their Credit Risk Index (CRI) continues to decline. The CRI is a forecast tool that shows the likely chances of a consumer not being able to repay their debt. For the first quarter of 2011, the CRI came in at 123.56 – approximately 5 percent lower than the index high of 129.67 (Q4 ... Read More »

Credit Card Charge Off Rates Continue to Fall

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Story out in Collections & Credit Risk is reporting the average consumer credit card default rate has continued it;s decline for most large issuers in May, according to Moody’s Investors Services. All of the top six credit card issuers except JPMorgan Chase & Co. on June 15 reported fewer accounts deemed uncollectible during May, and Chase’s increase was so slight ... Read More »

Fed Reports Consumer Debt Levels Rise

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The latest Federal Reserve Consumer Credit release is out and while consumer debt levels increased at an annual rate of 3 percent in the last reported month, April, the bad news is that the rise is fueled by non-revolving student loans, auto loans, etc. Revolving debt continued it’s fall but at a slower pace of an annual rate of negative ... Read More »

Credit Counseling Groups Laying Off Staff. Even the NFCC HQ Had a Recent Layoff.

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A story out today in Collections & Credit Risk highlights some of the issues facing credit counseling groups now with decreased demand by consumers. “Consumers have resolved their credit card problems to such an extent over the past year that nonprofit credit-counseling firms are noticing a significant decline in demand for their services, resulting in layoffs at some firms.” “The ... Read More »

Credit Counseling Warned About Surviving The Next Couple of Years

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I’ve been saying that the debt relief space is in a difficult spot right now. And I’ve provided warnings to all members of the debt relief community. Some have trounced me for being too “negative” in what I see just ahead. But recently Jeff Tenenbaum gave a presentation at the recent credit counseling meetings of ACCPros. Here is what he ... Read More »

Credit Counseling Requests Way Down. Funding Cut.

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A couple of articles today painted an interesting picture of the challenges credit counselors are facing and the declining demand for their services. According to the National Foundation for Credit Counseling (NFCC), the number of consumers seeking help has dropped twenty percent from 2009 to 2010. This has NFCC scratching their head especially when the CARD Act required lenders to ... Read More »

Bad Debt Buyers Dealing With Shrinking Supply of Debt to Buy

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Another reinforcement to the unfortunate trend of negative signs that are impacting the demand for debt relief services has emerged. According to Collections & Credit Risk, bad debt buyers are finding it harder to purchase debt as the supply of bad debt shrinks. A more limited supply is driving up costs for debt buyers just as shrinking levels on consumer ... Read More »

Credit Card Delinquencies Move Downward to Levels Not Seen Since 1996

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TraunsUnion has just released their latest report on credit card delinquencies. The lower the level of delinquencies, the lower the level for debt relief services since the vast majority of debt relief inquiries are stimulated by delinquent account holders. In a recent article, here, some in the debt relief community felt that the level of delinquencies was erroneous and not ... Read More »

Decline in Open Credit Card Accounts Helps to Show Why There is a Reduced Demand for Debt Relief Services

Open Accounts

A reader and tipster (send in your tips here) sent in a link that led me to the most recent Federal Reserve Bank of New York report showing the number of open credit card accounts. These are the types of accounts that are most addressed by debt relief providers. The data seems to support the statement made to me recently ... Read More »

Moody’s Releases News on Debt Relief Customer Pool

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I would love t be a blind cheerleader for the legitimate players in the debt relief world that are helping consumers and doing it the right way. The news remains worrisome though. And when I have good news to report on the forecast for debt relief services you better believe I will share it with you. In the past few ... Read More »

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