Other than home mortgages, Chinese-American households hold almost no consumer debt, a University of Missouri assistant professor says. Rui Yao, who's in the College of Human Environmental Sciences, studied Chinese households in 10 Midwestern cities with income levels ranging from $4,000 to $1.4 million annually. Of them, 72 percent had mortgages, about 5 percent had outstanding auto loans and 3 percent had other types of consumer debt.
SACRAMENTO, Calif., June 14, 2011 /PRNewswire-USNewswire/ --The California Collectors Association supports ACA International's launch of "The Path Forward: A Blueprint for Modernizing America's Debt Collection System. The Blueprint is a road map of public policy initiatives and industry practices achieved through active collaboration with ACA members, lawmakers and regulators to modernize a system of critical importance to our national, state and local economies," said ACA Chief Executive Officer Patrick Morris. "Others have offered their proposals to reform the debt collection industry, this is our plan."
Consumer Protection Debt collection
While the recession has been anything but kind to consumers, several major banks recently announced that consumers will be now be able to bring consumer debt disputes before a judge and jury. Previously, consumer debt disputes were referred to arbitration panels -- a light version of court. In arbitration, the parties appear before a trier of fact and present their case. The arbitrator, or arbitration panel, typically uses the rules of evidence and procedure, but these rules are often implemented in a simpler and more flexible manner than those used in court. The arbitrator's decision is usually final and cannot be appealed, except in very rate circumstances.
Consumer debt from use of credit cards and installment purchases has significantly increased, leading to delinquencies and defaults, among other problems. However, research on consumer attitudes and behavior related to credit use is extremely limited. In particular, little is known about the kinds of consumers most susceptible to credit debt. This paper explores that topic using data from exploratory surveys conducted in the U.S. and Singapore. Although proneness to credit debt is related to a variety of cultural, regulatory, and demographic factors, identification of those most susceptible indicates the importance of subjective factors such as a carefree personality profile and attitudes related to freespending and convenience orientations.
The new federal consumer protection bureau has proposed a rule that would place large-scale debt collectors and consumer reporting agencies under its "nonbank" supervision program. Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks," said Richard Cordray, director of the Consumer Financial Protection Bureau, in a press release.
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