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Trump’s America Is Facing a $13 Trillion Consumer Debt Hangover

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As reported by Bloomberg, debt delinquencies are rising event though the job market shows signs of strength. Additionally as rates begin to rise, it is more expensive for borrowers to refinance. This news puts additional emphasis on the importance of proactive debt collection practices.

“After bingeing on credit for a half decade, U.S. consumers may finally be feeling the hangover.

Americans faced with lackluster income growth have been financing more of their spending with debt instead. There are early signs that loan burdens are growing unsustainably large for borrowers with lower incomes. Household borrowings have surged to a record $12.73 trillion, and the percentage of debt that is overdue has risen for two consecutive quarters. And with economic optimism having lifted borrowing rates since the election and the Federal Reserve expected to hike further, it’s getting more expensive for borrowers to refinance.”

For more information on our debt collection services, including medical debt collection, please contact us at Credit Business Services at 800.666.9567

For the full article from Bloomberg, visit the link below.

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