Topic
Consumer Debt
67 published works
Consumer Finance Monitor
New York reduces judgment rate on consumer debts to 2%
On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant…
The Debt Lawyers Blog
Credit Card Balances are Dropping Dramatically in the U.S.
America’s credit card balances are historically down. In fact, credit card balances have yet to return to their pre-pandemic levels. This trend signifies a notable change in Americans’ spending habits,…
LenderLaw Watch
CFPB Targets “Buy Now, Pay Later” Industry
By Laura Craven
The Consumer Financial Protection Bureau (CFPB) announced this week that it is opening an inquiry into “buy now, pay later” (BNPL) services, which have become increasingly popular with online consumers. …
Southern California Bankruptcy Law Blog
The Fight Against An Alarming Trend: Section 706(b) Motions – Part 2
In my last post I began to set the stage for a discussion of § 706(b) motions to convert a Chapter 7 bankruptcy case to one under Chapter 11 by…
The Right Coast
State of the American Debt Slaves: Fed Confounded as They Pay Down Credit Cards, Other High-Interest Debt, and HELOCs | Wolf Street
Our always amazing American debt slaves are still borrowing, mind you, but to the great consternation of the Fed, they re reducing their debt where banks and shadow banks make…
Global Regulation Tomorrow
FCA speech – Cautious optimism for the post-pandemic world
On 23 April 2021, the FCA published a speech by its chair, Charles Randell, entitled ‘Cautious optimism for the post-pandemic world’. Highlights in the speech include: Firms must identify if…
The Right Coast
The State of American Debt Slaves: Q4 2020. Consumer Borrowing in Weirdest Economy Ever | Wolf Street
Until the Financial Crisis, there had never been a year-over-year decline in revolving credit balances. That was a new phenomenon, after decades during which Americans had amassed ever more credit…
Global Regulation Tomorrow
Dear Board of Directors letter to debt firms published by the FCA
By Simon Lovegrove (UK), Arup Sen, Matthew Gregory (UK), Joe Bamford (UK)
On 18 January 2021, the FCA wrote to the board of directors at debt firms (being debt purchase, debt collection and debt administration firms) to set out they key risks…
Talkov Law Blog
Is a Home Mortgage Consumer Debt in Bankruptcy? [In re Kelly]
By Nick Moss
What is Consumer Debt? – Consumer Debt Definition under the Bankruptcy Code Consumer debt is defined in the United State Bankruptcy Code as “debt incurred by an individual primarily for…
Jen Lee Bankruptcy Law Blog
When Should I Consult an Attorney about my Debts?
By Jen Lee
Living on credit is a day-to-day reality for millions of Americans. Consumer debt in the United States totals $14.1 trillion — that’s $14,100,000, 000,000 – with the average person owing…