COMMON TYPES OF DEBT COLLECTION
CREDIT CARD DEBT
The average household credit card debt is nearly $9,000 with a total of $887 billion in Q1 2022. It's the fastest rise in more than 20 years.
Consumer credit reports contain $88 billion in medical debt, according to a February 2022 report from the Consumer Financial Protection Bureau (CFPB). The CFPB estimates the total in collections is higher because of data not provided to credit-reporting agencies.
PERSONAL LOAN DEBT
Personal loans account for about 1% of consumer debt.
Personal loans continue to make up the smallest sliver — just over 1% — of consumer debt held by Americans despite the substantial growth over the past decade. Comparatively, Americans owe $841 billion in credit card debt, comprising 5.3% of outstanding debt.
What We Do:
There are consumer laws to protect consumer from illegal collection practices. We make sure that collection agencies follow those laws when pursuing a debt. We also in the event that all laws have been followed help consumers to communicate with collection agencies to resolve the debt. We can provide helpful tips to increase your credit score.