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Consumer Debt

Welcome to the News View for "Consumer Debt".

Here, on these archive pages, you'll find all of the articles on Payments News for Consumer Debt listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 08, 2014

Headline News from PaymentsNews.com - April 8, 2014

New on PaymentsJobs.com:

On the Web:

On the Wires:

Updates from Glenbrook:

February 18, 2014

Headline News from PaymentsNews.com - February 18, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

On the Wires:

Updates from Glenbrook:

January 08, 2014

Headline News from PaymentsNews.com - January 8, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

  • Inside Bitcoin - John Patrick - "Banks, credit card companies, and money transfer companies do not like Bitcoin because the new digital currency model threatens the status quo and related fees. In the early days of the World Wide Web, there were similar views to what we hear about Bitcoin."
  • The MTA Plans to Turn New Yorkers’ Smartphones into Subway Passes - Skift - "The MTA plans to have a next-generation fare payment system in place by 2019, says agency spokesman Aaron Donovan."
  • Real-time Fraud Prevention - Emerging Payments Strategies (FIS) - "The better your anti-fraud strategies and solutions, the better you’ll be at protecting your institution and your cardholders. These pressures are driving the industry toward more and more real-time solutions that attempt to stop fraud before it starts."
  • Bitcoin isn’t Money—It’s the Internet of Money - The Umlaut (Eli Dourado) - "The Internet model improves upon the traditional telephone model by making possible what Vint Cerf calls “permissionless innovation.” Tim Berners-Lee was able to launch the World Wide Web without waiting for Internet service providers to support it."
  • Bitcoin Woos Washington to Ensure Lawmakers Don’t Kill It - Bloomberg - "The outreach is aimed at ensuring that wary lawmakers don’t kill the embryonic industry and regulators provide a clear set of rules to play by."
  • Bitcoin Banned by Alibaba’s Taobao After China Tightens Rules - Bloomberg - "Alibaba Group Holding Ltd., China’s largest e-commerce website, will ban the sale of Bitcoin and other virtual currencies after the country’s central bank tightened regulations in December."
  • Alibaba Online-Payment Affiliate Teams With Sina Corp. - "The affiliate, called Alipay, said on its official microblog account that the new service allows users of Sina's Weibo microblog service to make online and offline payments through their Alipay accounts."

On the Wires:

Updates from Glenbrook:

November 14, 2013

Headline News from PaymentsNews.com - November 14, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

November 07, 2013

Federal Reserve Reports 2-1/4 Percent Decline in Revolving Credit

FederalReserve 130pxThe Federal Reserve has published its latest G.19 Consumer Credit report - finding that onsumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent during the third quarter. Revolving credit decreased at an annual rate of 2-1/4 percent, while nonrevolving credit increased at an annual rate of 8 percent. In September, consumer credit increased at a seasonally adjusted annual rate of 5-1/2 percent.

October 22, 2013

Alliance Data And Dwolla Announce Multi-Year Agreement

Dwolla logo 140pxDwolla and Alliance Data Systems have announced signing a new, multi-year agreement for "Alliance Data's Retail Services business to provide a cardless private label credit product for the Dwolla payment network."

Credit is not new—but providing it on a real-time network that removes interchange fees, supports the evolution of credit, and provides a means of cardless payment—is, and that's what Dwolla Credit does," said Ben Milne, chief executive officer and founder of Dwolla.

"Alliance Data's deep experience and the true interest they have in our company will not only lend a new level of convenience to our community of users, but will also give them front-row seats to what we believe will be some really great innovations to credit."

Alliance Data will provide the newly launched credit program, called Dwolla Credit. Once approved, consumers can use Dwolla Credit immediately and for future purchases at participating businesses found in Dwolla's new Storefront directory (www.dwolla.com/storefront). Interested consumers and businesses can register for access at realtime.dwolla.com.

October 15, 2013

Headline News from PaymentsNews.com - October 15, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our Glenbrook Payments Boot Camp on October 23rd/24th in New York City!
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer". Elizabeth will also be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami 4-7, 2013.
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

September 23, 2013

Headline News from PaymentsNews.com - September 23, 2013

On the web:

  • PayPal Nears Deal for Braintree Payments - Wall St. Journal Digits - "The deal for Braintree would give PayPal access to data and lucrative transaction fees from Braintree’s expanding network, which currently processes more than $10 billion annually for companies like OpenTable, Uber Technologies and Airbnb."
  • Mastercard, Visa to cut French card fees: watchdog - Reuters - "Both Visa and Mastercard will cut interbank fees to around 0.28 percent of the transaction value from about 0.5 percent currently..."
  • The Real Reason the Poor Go Without Bank Accounts - The Atlantic Cities - "The banking industry needs to develop different fee and service structures designed to accommodate lower income depositors in much the same way banks currently provide VIP treatment to high-net-worth individuals."
  • Financial Education and the Debt Behavior of the Young - Federal Reserve Bank of New York - "More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood."

On the wires:

Updates from Glenbrook:

  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

September 09, 2013

Fed Finds Revolving Credit in US Shrinks at -2.5% Annual Rate in July

FedThe Federal Reserve's latest G.19 Consumer Credit report is out today and finds that revolving credit in the US was down at an annual rate of 2.5% in July after having increased in several months earlier this year. July's decline follows a 5.2% decline in revolving credit in June.

August 27, 2013

Headline News from PaymentsNews.com - August 27, 2013

On the web:

On the wires:

Updates from Glenbrook:

August 20, 2013

Headline News from PaymentsNews.com - August 20, 2013

On the web:

  • Mobile payment: what will it really look like? - The Telegraph - "Meanwhile, payments are vanishing into apps, and that’s gaining ground. Mobile payments are taking off, just not in the way that people thought."
  • The Debt Collection Company that Helps You Get a Job - HBR Blog - "We've got to do more than hope they hear about a job, let's help them find one."
  • Bitcoin now 'unit of account' in Germany - Guardian - "Germany's ministry of finance has formally recognised the digital currency Bitcoin as a "unit of account" which can be used for private transactions..."
  • PayPal under attack.. Not just Facebook… - FinVentures (Tom Noyes) - "The strategic threat for Paypal is that the nature of competition is changing as advertisers and channels couple payments with other services (social, community, advertising, …) to deliver a better COMMERCE experience through insight into customer data."

On the wires:

Updates from Glenbrook:

August 07, 2013

Fed Reports Revolving Credit in US Declined in June 2013

FedThe Federal Reserve's latest G.19 Consumer Credit report is out and it reports a 3.8 percent decline (annual rate) in revolving consumer credit - after a near record increase the prior month. The amount of revolving credit outstanding in June was $853.6 billion, down from $856.3 billion in May.

July 08, 2013

Fed Reports Jump in Revolving Credit In May 2013

FedThe Federal Reserve's latest G.19 Consumer Credit report is out and it reports a 9.3 percent increase (annual rate) in revolving consumer credit - the first increase of this magnitude in several years. The amount of revolving credit outstanding in May was $856.5 billion, up from $849.9 billion in April.

May 07, 2013

Fed Reports 2.4% Decline in Revolving US Consumer Credit for March 2013

FedToday the Federal Reserve reported on consumer credit for the month of March - reporting that revolving credit use by US consumers declined at a 2.4% annual rate to $846.2 billion - the first month of decline this year. Total consumer credit during March increased 3.4% with non revolving credit increasing 11.3%.

February 22, 2012

U.S. Credit Card Delinquencies Fall Nearly 5% in 2011

TransUnion logo 140pxTransUnion has announced that "the national credit card delinquency rate (the ratio of borrowers 90 or more days past due) reached 0.78% in the fourth quarter of 2011, a drop of almost 5% from the same period one year ago and continuing well below historical norms. Average credit card debt per borrower increased $239 from the same period last year to $5,204, though it too remains near record-low levels."

February 22, 2011

September 10, 2010

Federal Reserve Reports Decrease in Consumer Credit

Fed.gifThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "in July, total consumer credit decreased at an annual rate of 1-3/4 percent. Revolving credit decreased at an annual rate of 6-1/4 percent, and nonrevolving credit increased at an annual rate of 1/2 percent."

August 06, 2010

Federal Reserve Reports Decrease in Consumer Credit

Fed.gifThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "Consumer credit decreased at an annual rate of 3-1/4 percent in the second quarter. Revolving credit decreased at an annual rate of 9-1/2 percent, and nonrevolving credit was about unchanged. In June, consumer credit decreased at an annual rate of 3/4 percent, revolving credit decreased at an annual rate of 6-1/2 percent, and nonrevolving credit increased at an annual rate of 2-1/2 percent."

July 09, 2010

Federal Reserve Reports Decrease in Consumer Credit for May

The US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "Consumer credit decreased at an annual rate of 4-1/2 percent in May 2010. Revolving credit decreased at an annual rate of 10-1/2 percent, and nonrevolving credit decreased at an annual rate of 1-1/2 percent."

June 07, 2010

Revolving Consumer Credit Declines in April 2010

The Federal Reserve has published its latest G.19 report on Consumer Credit - reporting that while overall consumer credit increased at an annual rate 0.5% in April, revolving consumer credit declined at an annual rate of 12% in the month. Revolving debt outstanding at the end of April 2010 was $838 billion - down over $160 billion from the same month in 2009.

February 23, 2010

FICO Finds Consumers Defaulting on Mortgages Before Credit Cards

In a press release, FICO announced that it is finding that "mortgage default risk for consumers with high FICO scores now exceeds their credit card default risk, even though most credit cards are unsecured credit and mortgages are secured by real estate. The company observed a parallel rise in mortgage delinquencies for higher-scoring U.S. consumers." READ MORE »

February 05, 2010

Fed Reports Revolving Credit Declined 11.7% in December 2009

The latest Federal Reserve G.19 Consumer Credit report finds that revolving consumer credit in the US declined at an annual rate of 11.7% in December. For the full year, consumer credit declined 9.5% - from $957.3 billion at the end of 2008 to $866 billion at year end 2009.

February 03, 2010

More Consumers Making Payments on Credit Cards Before Mortgages

A new study by TransUnion confirms that the "new" payment hierarchy -- where consumers pay their credit cards prior to their mortgages -- is continuing, with the trend occurring more readily than ever before. READ MORE »

January 14, 2010

Fitch Reports US Retail Credit Card Defaults at Near-Record Levels

Fitch has announced that its "December Retail Credit Card Index results show that more than one in every eight dollars of receivables was written off as uncollectable during the November collection period on an annualized basis. Taken with the recent delinquency trends and Fitch's expectation for unemployment, Fitch expects retail card chargeoffs to remain elevated throughout first half-2010."

January 08, 2010

Fed Reports Revolving Consumer Credit in November Fell Dramatically

The Federal Reserve has published its G.19 Consumer Credit report for November 2009 - reporting that revolving credit in November fell at an annual rate of 18-1/2 percent to $874 billion. Revolving credit outstanding peaked in the third quarter of 2008 at $975.2 billion. Nonrevolving credit decreased in November at an annual rate of 3 percent.

December 22, 2009

Equifax Finds U.S. Consumer Payment Trends Continue to Deteriorate

Consumer delinquency rates for bankcards, first mortgages and home equity lines of credit again rose month-to-month in November, according to Equifax's monthly Credit Trend Report.

Bankcard issuers continued a year-long trend of closing accounts and reducing credit lines. Card risk management programs have accelerated since July of 2008, reducing card credit lines by $803 billion and the number of accounts by 93 million. Delinquency rates for bankcards picked up notably since the end of 2008 in tandem with rising unemployment. The November 2009 60-days-past-due rate of 4.62 percent is almost a full percent higher than the November 2008 rate of 3.76 percent. However, the rate still remains below the peak of 4.79 percent in May 2009. READ MORE »

December 15, 2009

A Look at US Credit Card Issuers

In an article titled "Credit-Card Issuers Under Pressure", Aparajita Saha-Bubna writes for the Wall St. Journal about the recently reported credit losses from major credit card issuers.

December 07, 2009

Fed Reports 9.3% Decline in Revolving Consumer Credit in October

The Federal Reserve's G.19 Consumer Credit report issued this afternoon reports that consumer credit decreased at an annual rate of 1.7 percent in October. Revolving credit decreased at an annual rate of 9.3 percent while nonrevolving credit increased at an annual rate of 2.6 percent.

October 21, 2009

GAO Releases Report on Credit Card Debt Collection Practices

The U.S. Government Accountability Office (GAO) has released a report, "Credit Cards: Fair Debt Collection Practices Act Could Better Reflect the Evolving Debt Collection Market Place and Use of Technology".

The GAO said it was asked by Congress to examine (1) the federal and state consumer protections and enforcement responsibilities related to the credit card debt collection; (2) the process and practices involved in collecting and selling delinquent credit card debt; and (3) and issues that may exist related to some of these processes and practices.

October 16, 2009

Bank of America's Card Services Unit Sees Purchases Decline 14%

BankofAmerica_logo-140px.jpgBank of America reported financial results this morning for the third quarter of 2009. In its Global Card Services unit, the bank reported card purchase volumes declined over 14% year over year from $63.3 billion to $53 billion. The charge-off rate doubled - from 6.4% to 12.9% compared to the same quarter last year. Debit card purchase volume grew slightly about 3% from $53.2 billion to $54.7 billion.

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