Debt Collectors Help Alert Students to Identity Theft

An annual survey from Javelin Strategy & Research shows debt collectors play a role in notifying students about identity fraud.

More info here: https://www.javelinstrategy.com/news/1556/92/1

Consumer Credit Default Rates Stabilize in July

Data from the S&P/Experian Consumer Credit Default Indices shows auto loan defaults increased while bank card defaults declined from June. The rates reflect improvements in GDP growth and the unemployment rate.

More info here: https://www.experianplc.com/media/news/2015/sp-experian-july-2015/

New Data Shows Popularity of Income-Driven Repayment Plans with Student Loan Borrowers

As the CFPB (Consumer Financial Protection Bureau) prepares to ask debt collection agencies about their practices surrounding income-driven repayment plans, U.S. Department of Education data shows that enrollment in these programs is growing.

More info here: http://www.ed.gov/news/press-releases/income-driven-repayment-plan-enrollment-jumps-delinquency-rates-drop-new-student-loan-data

Bona Fide Error Defense Shields Debt Collectors From Liability For Mistaken Interpretation Of Statute Of Limitations

Federal court ruled that bona fide error defense applies to mistakes of law about the applicable statute of limitations to file a collection action.

More info here: http://www.acainternational.org/iap-bona-fide-error-defense-shields-debt-collectors-from-liability-for-mistaken-interpretation-of-statute-of-limitations-36656.aspx

Mortgage Delinquency and Foreclosure Rates Reach Lowest Levels Since 2007

The Mortgage Bankers Association survey on national delinquencies shows almost every state in the U.S. has a declining inventory of foreclosed properties, and longer-term serious delinquencies are also declining.

More info here: https://www.mba.org/2015-press-releases/mortgage-delinquencies-and-foreclosures-continue-to-drop-in-second-quarter

The Impact of Filing Bankruptcy to Alleviate Student Loan Debt

Filing for bankruptcy can provide some relief to borrowers in student loan debt, but they should carefully consider the difference between Chapter 7 and Chapter 13 of the bankruptcy code and the implications of filing on their overall finances.

More info here: http://blog.credit.com/2015/08/bankruptcy-could-help-you-pay-your-student-loans-but-theres-a-cost-122743/?utm_source=ACA+Daily&utm_campaign=73a8db1af8-ACA_Daily_August_18_20158_17_2015&utm_medium=email&utm_term=0_6fad47e63c-73a8db1af8-66948177

New Jersey Senate Passes Bill Regulating Debt Collection from Victims of Identity Theft

The bill allows consumers 45 days after they are contacted by a debt collector to submit written notice that they are victims of identity theft

More info here: http://www.nj.com/politics/index.ssf/2015/08/debt_collectors_could_be_banned_from_bugging_nj_id.html

Uninsured Rates Continue to Decline Throughout U.S.

The decline means access to care is improving, but there are still some concerns about affordability of healthcare expenses.

More info here: http://www.gallup.com/poll/184514/uninsured-rates-continue-drop-states.aspx

Household Debt Balances Remain Flat in 2015

The New York Federal Reserve second quarter household debt report shows total debt increased $2 billion from the first quarter. Auto loan increases influenced most of the non-housing debt balances, followed by a jump in credit card balances.

More info here: http://www.newyorkfed.org/microeconomics/hhdc.html#/2015/q2

Serious Delinquency Rate for Single-Family Mortgages Reaches Record Low

Fannie Mae data shows the rate in June is the lowest since 2008, but the pace of its improvement has slowed.

More info here:  http://www.mpamag.com/news/serious-delinquency-rate-hits-7year-low-23505.aspx

June Consumer Borrowing Surpasses Economists’ Predictions

The Federal Reserve’s latest consumer credit report shows an increase in consumer borrowing influenced in part by higher credit card balances in June.

More info here: http://www.bloomberg.com/news/articles/2015-08-07/consumer-borrowing-in-u-s-increased-more-than-forecast-in-june

Consumer Spending Remains Overall Unchanged Since April

Gallup reports spending in July this year is slightly less than July 2014 and the trend isn’t abnormal for this time of year.

More info here: http://www.gallup.com/poll/184433/july-consumer-spending-flat.aspx

New Study Compares Millennials’ Credit Characteristics, Average Debt with Other Generations

Millennials are opening more auto loans and student loans compared to Generation X, but lagging in their use of bank cards

More info here: https://www.experianplc.com/media/news/2015/millennials-have-the-lowest-credit-scores-of-all-generations/?WT.srch=PR_CIS_Millennials_20150730_pressrelease_GPO

Annual Health Spending Growth Surpasses Levels During Recession

The Centers for Medicare and Medicaid Services report on national health expenditures shows health spending is projected to grow faster than the gross domestic product in the next decade.

More info here: https://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2015-Press-releases-items/2015-07-28-2.html

National Consumer Credit Default Rates Increase in June 2015

Mortgage default rates increase while bank card defaults continue to decline.

More info here: https://www.experianplc.com/media/news/2015/sp-experian-june-2015/

Parent Income and Savings Become Top Sources of College Funding

A majority of families are not borrowing money for college and more students are working during the year to fund their education.

More info here: https://www.salliemae.com/plan-for-college/how-america-pays-for-college/?dtd_cell=SMPLCADCOTDORSOTOTHOTHRR010001

Consumer Financial Protection Bureau Issues Consent Order and Penalty Against CitiBank for Credit Card Practices

CitiBank has taken extensive steps to address each issue that affected customers

More info here: http://www.consumerfinance.gov/newsroom/cfpb-orders-citibank-to-pay-700-million-in-consumer-relief-for-illegal-credit-card-practices/

USA Funds Sues U.S. Department of Education Over Requirements for Student Loan Guarantors

USA Funds spokesperson says the Ed. has changed its policy without any warning or public discussion

More information her: https://www.insidehighered.com/news/2015/07/17/guaranty-agency-sues-education-department-latest-fight-rippling-end-bank-based

Consumers Cautiously Optimistic about the U.S. Economy Outlook

The Federal Reserve Bank of New York’s Survey of Consumer Expectations, in its second year, shows increase in median earnings growth and household spending growth expectations.

More information here: http://www.newyorkfed.org/newsevents/news/research/2015/an150713.html