These debt collection statistics and consumer credit statistics illustrate how the collection problems continue to affect millions of Americans.
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Debt collection complaints topped the list of consumer complaints received by the FTC in 2015, with 897,655 (29%) complaints received about debt collection.
Source: FTC Annual Summary of Consumer Complaints
Approximately 30 million Americans have at least one debt in collection.
Source: Fed. Reserve Bank of N.Y., Quarterly Report on Household Debt and Credit (Aug. 2014)
a debt not owed.
that originated with a healthcare provider, utility company, or telecommunications company.
Businesses nationwide placed $150 billion worth of debt with collection agencies (in 2010). Agencies were able to collect about $40 billion of that total.
Consumer advocates are urging that the federal Fair Debt Collection Practices Act be amended in order to provide consumers with more protections when they are contacted by debt collectors. Among other things for example, they are asking that the law require debt collectors to provide consumers with the following information before they can begin trying to collect a debt:
Consumers are also demanding that debt collectors be:
Updated February 2009
According to the May 2009 report issued by the Joint Economic Committee of the U.S. Congress, entitled Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery, May 2009:
U.S. consumer bankruptcy filings totaled 106,255 nationwide during October, a 19.6 percent decrease from the 132,173 total consumer filings recorded in October 2010, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October consumer filings also represented a 2 percent decrease from the 108,517 filings in September. Chapter 13 filings constituted 31.5 percent of all consumer cases in October, a slight increase from September.
8 percent of them did not make a payment at all.
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