Bad Credit-Card Debt Is Getting Cheaper, But Good Luck Buying It
- U.S. banks have significantly cut prices on souring card debt
- That’s proving lucrative to collectors still allowed to bid
Photographer: Simon Dawson/Bloomberg
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U.S. banks are sitting on a $1.03 trillion mountain of credit-card loans. More borrowers are starting to default. Yet lenders know they can’t sell souring debt to just any collector.
That’s all good news for bidders who make the cut.