Auto loan debt edged up in the third quarter, driven by record-high loan originations, according to the Federal Reserve Bank of New York’s quarterly report on household debt. Total household debt grew $ 87 billion in the third quarter to $ 14.35 trillion, the highest figure recorded for household debt …
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The Consumer Financial Protection Bureau last week issued a final ruling on what constitutes fair debt collection behavior when communicating with consumers and outlined what is prohibited under that definition. While lenders aren’t third-party debt collectors, American Financial Services Association leaders voiced concerns this year that its membership could end …
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Household debt increased in the first quarter before the COVID-19 pandemic, driven primarily by the housing market. Debt levels across other credit products, including auto loans, dipped slightly, the Federal Reserve Bank of New York reported Tuesday. The New York Fed noted that because individual consumer credit reports typically are …
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