According to an article by InsideArm.com, the Federal Reserve Bank of New York's data indicates that a smaller percentage of consumers has accounts with "3rd party" debt collectors, although the average balance that is with the debt collectors is now higher.
In the FRBNY's Quarterly Report on Household Debt and Credit, the percentage of U.S. consumers with at least one account in collections fell to 13.8 percent last quarter. In the previous quarter, it was14.6 percent. It was the largest quarter-over-quarter decline since the group started tracking the metric in 1999.
While the percentage of consumers with accounts in the third party debt collection system fell in the third quarter, the average account balance in collection increased to $1,458 from $1,409 in the previous quarter.
Other interesting metrics in the report include: