In 2021, the 15 most common private litigants in collection lawsuits in 16 California counties were all credit card issuers and debt buyers. Collectively, these 15 companies were engaged in 76.2% of all collection lawsuits filed in those counties.
Underwriting for the ability to repay is at the core of responsible lending. For small-dollar lending and other forms of non-mortgage lending, these are some of the applicable federal statutes, regulations, and guidances that address appropriate underwriting to ensure responsible lending.
Advice for Older Consumers About Credit Cards Credit card debt can cause tremendous financial problems for older adults. Credit card problems are a leading cause of consumer bankruptcy filings. Contrary to popular myth, huge credit card bills are not mostly due to irresponsible overspending. Many consumers resort to credit cards to meet pressing financial needs…