The fees have declined since 2009, when Congress passed the Credit Card Accountability Responsibility and Disclosure Act, or Credit CARD Act, that limited the ability of card issuers to impose certain penalty charges and interest rate hikes.
Foreclosure activity in December declined 10 percent from the previous month to the lowest level since April 2007, while fourth quarter 2012 foreclosure activity was at the lowest since the third quarter of 2007, according to the latest figures released today by RealtyTrac.
Documentation consumers mail in to support their cases may not be getting passed along to reinforce a full investigation.
Mortgage and credit card delinquency rates will remain low or decline in 2013, projects TransUnion, one of the three major credit-reporting agencies.
A study of credit conditions by state found that if you live in a more sparsely populated region, it is likely that delinquency rates are lower, credit scores are higher and the jobs picture is much brighter.
Since the Great Recession has taken hold, more Americans have had to borrow against their 401(k) retirement plans, and more are defaulting on those loans.
More U.S. consumers are paying the mortgages and credit cards on time, and the big banks are benefiting by freeing up loan-loss reserves.
[Equifax: New Accounts Rise, But Credit Card Balances Down 28%] Bank credit card balances as of April 2012 were 28 percent below their peak in January 2009, according to the credit-reporting agency Equifax.
One debt collection operation is boasting about a “revolutionary” approach to higher recoveries: just be nice to consumers.
First and second mortgages and auto loans saw a decrease in default rates for the third consecutive month in March, according to the S&P/Experian Credit Default Indices.