By: Robert J. Nahoum New York has been experiencing an uptick in debt collection lawsuits in recent years. According to data from the New York State Unified Court System, there were approximately 83,000 debt collection cases filed in 2019, up from about 78,000 in 2018. This trend is expected to continue, especially given the economic impact of the COVID-19 pandemic […]
New York Debt Collection Lawsuits Are on the Rise
Developments in Medical Debt Collection to Help Consumers
By: Robert J. Nahoum Medical debt collection has become a hot topic in recent years, as healthcare costs continue to rise, and more people struggle to pay their medical bills. According to a study by the Consumer Financial Protection Bureau (“CFPBâ€), around 43 million Americans have medical debt on their credit reports, with the average amount owed being around $579. […]
Default in Consumer Debt is on the Rise in 2023
By: Robert J. Nahoum Consumer credit defaults have been on the rise in recent years, and this trend is causing concern among economists and policymakers. When individuals are unable to pay their debts, it not only affects their financial well-being but also has a ripple effect on the larger economy. One of the primary reasons for the rise in consumer […]
Consumer Credit Card Debt is on the Increase in 2023
By: Robert J. Nahoum Consumer credit card debt has been increasing at an alarming rate in recent years. According to the Federal Reserve, consumer credit card debt in the United States has increased by more than $70 billion since 2015, with the total amount of outstanding credit card debt now standing at over $1 trillion. I’ve seen this movie before […]