The Federal Reserve Bank of New York just released their Quarterly Report on Household Debt and Credit.
Some highlights of the report include:
- As of December 31, 2012, total consumer indebtedness was $11.34 trillion
- There are 383 million open credit card accounts, a slight uptick from 2012 Q3
- Balances on credit card accounts increased by approximately $5 billion, the second consecutive quarterly increase
- The number of credit inquiries within six months–an indicator of consumer credit demand–was 164 million inquiries, a little lower than the 167 million seen in the third quarter
- 14.6% of Americans had an account with a collection agency in the fourth quarter of 2012 (see chart below)
Debt collection is big business. According to the latest release from the Federal Reserve there is over $850 BILLION in outstanding revolving credit card debt. At the current charge-off rate (the percentage of accounts that are written off by banks) of 4.06% as of the fourth quarter of 2012, that’s over $34 billion dollars.
As Jim Rogers once said, “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up.”
Every year banks leave a huge pile of money just waiting to be scooped up. The issue for investors is that they have had no way to access it…until now.
Contact us today and find out how you can take advantage of an opportunity previously only available to the Wall Street Elite!
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