Subprime Collections in Florida

As Debt Collection Attorneys, sometimes we throw our hands up, and ask if people never learn!

Even while the CFPB makes it harder and harder for credit card companies and collection attorneys alike to collect on debt, The credit card industry, and consumers have gone on a subprime spree.
One of our industry watchdogs is reporting the subprime credit card borrowing is on the rise again.

From January to March this year over 3.7 Million cards were issued in the subprime borrower market.   That’s up 39% from last year, and the largest subprime growth since 2008.

While this surge in subprime lending will inevitably lead to more business for Debt Collection Attorneys, especially here in Florida, it is still disheartening to see people wallowing in debt that they never had an ability to support in the first place.

The resurgence of the economy, and control of unemployment on the heels of a recession has left many people in a much worse credit situation that they had ever known.   Unemployment, followed by foreclosure, and next thing you know, someone that used to have outstanding credit is now a subprime borrower.  The question is, are credit companies taking a risk, and expecting a huge profit, on those that got hurt during the recession, and are now coming out of it?   Or are we back to giving credit to the riskiest segment of the industry.

No matter which way things cut  as long as we lend, there will be a need for our services.  If you are looking for a partner to help you collect on past due debts, feel free to call the attorneys at Marcadis Singer, PA.