Growing consumer debt market

The gross amount of consumer debt being sold to debt buyers increased nearly a hundredfold in just over ten years, from $660 million in 1993 to $57 billion in 2004 (See NCLC, Fair Debt Collection § 6th ed. 2008 and Supp.) By 2005, debt buyer purchases of consumer debt had more than tripled to $128 billion with credit card debt accounting for $88 billion of that total.

New York City has been hit especially hard. New York City Civil court is being known a the "credit card court."

Categories: Debt Defense
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