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Can a person buy one particular consumer's collection account?
What is the best way to feasibly purchase a single debt account (i.e., my mother's personal bank loan, student loan, credit card debt, car loan, mortgage, etc.), as opposed to purchasing an entire debt portfolio? Is this even possible?
Great idea. Unfortunately, collection accounts are sold as pools or portfolios, and I know of no way for a collection agent (or anyone else) to purchase the collection accounts for a particular consumer.
If a reader has information contrary to my understanding of how the debt portfolio market operates, please comment below.
I hope this information helps you Find. Learn & Save.
Best,
Bill
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Debt statistics
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Collection and delinquency rates vary by state. For example, in Utah, 13% have student loan debt. Of those holding student loan debt, 7% are in default. Auto/retail loan delinquency rate is 2%.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
