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Forecasts and Trends

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 »

            Debt Levels Drop For Consumers in Credit Counseling

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            A credit counseling trade association has recently sent out an update to members about what a current credit counseling client looks like. The data suggests exactly what I’ve been reporting on recently, people with debt problems are skewing older these days and it is taking less debt to push people over the edge. But the most surprising number is the ... Read More »

              Consumer Debt Drops to 2004 and Earlier Levels

              FR Data July 2011

              Federal Reserve numbers released on September 8, 2011 show that the amount of revolving consumer debt outstanding dropped in the last reported period, July. Revolving debt fell to $792.5 billion which is the lowest level since August 2004. This data represents a lower per capita indebtedness since the U.S. population has grown from 292 billion in 2004 to about 311 ... Read More »

                Consumer Confidence Really Bad in August And Delinquencies Are Down

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                New consumer confidence numbers out show exactly what we didn’t want to see in the debt relief space. Consumer confidence has dropped to near record levels at 44.5 on the Conference Board Consumer Confidence Index. Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the ... Read More »

                  Car Loan Delinquency Rates Drop for Seventh Consecutive Quarter to Historic Low

                  Auto Loan Delinquency Rates

                  The national auto delinquency rate (the rate of borrowers 60 or more days past due) decreased for the seventh consecutive quarter, dropping to 0.44% at the end of the second quarter in 2011. This is according to TransUnion and its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgage, credit cards ... Read More »

                    Post-Recession Charge-Offs Vanishing

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                    An interesting article sent in by a tipster (send in your tips here) from Inside ARM reinforces what has been said here about bad debt declining. The article looks into the vanishing charge off debt and without that debt there is less stimulus for debt relief services. The article says: “So, I decided to do a little digging. I ended ... Read More »

                      Consumers Doing Much Better Paying On Time. 17 Year Low.

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                      New data out from TransUnion shows that consumers are doing a great job of bringing their finances back into good shape. For the sixth consecutive quarter, the credit card delinquency rate has dropped. The number of consumers that were 90 days or more delinquent has now dropped to a 17 year low and credit card debt per borrower is hovering ... Read More »

                        Consumers Avoiding Debt Reports NY Fed

                        A report out from the New York Federal Reserve shows that the amount of consumer debt has dropped since June 2010. As of June 30, 2011, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion (8.6%) from its peak level at the close of 2008Q3. Consumers’ non-real estate indebtedness now stands at $2.28 trillion, 9.5% below its 2008Q4 ... Read More »

                          Credit Card Delinquencies at Pre-2006 Low Levels

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                          Experian is reporting that credit card accounts that are 60 days past due has reached levels not seen since before the recession. Nationally, since 2007, 20 percent fewer credit card payments are 60 days late, but 25 percent more consumers are paying their mortgage 60 days late. The cities that showed the most improvements to bankcard payments include Cleveland, Ohio; ... Read More »

                            Consumer Confidence Reaches 30 Year Low

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                            So here is a summary, consumer confidence/sentiment has plummeted and is the toilet at a 30 year low. According to survey data released by Thomson Reuters and the University of Michigan, the mood of the nation’s consumers in August was abysmal, raising concerns about any prospect of an economic turnaround. “Never before in the history of the surveys have so ... Read More »

                              Good News: Mortgage Delinquencies Continue to Drop

                              Delinquent Mortgages

                              The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82% at the end of the second quarter in 2011. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related ... Read More »

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