Number of Third Party Debt Collection Accounts Plummets, but Balances Rise

The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York (FRBNY). In its Quarterly Report on Household Debt and Credit, the FRBNY reported that percentage of U.S. consumers with at least one account in collections fell to 13.8 percent last quarter. <more>