Consumerism is a tenet of American society. Personal Consumer Expenditures (PCE) account for almost 70% of the U.S. Gross Domestic Product and is the primary engine that drives future economic growth. With almost $4 Trillion in (non-real estate) consumer debt outstanding, the consumer finance industry facilitates consumer spending and enables consumers to participate in the U.S. economy.
The extension of credit to consumers fuels the economy, provides consumers tools, options, and opportunities they would not otherwise have, and it allows companies to provide goods and services to people who cannot pay for them without borrowing the funds to do so. Consumers borrow money to pursue higher education and to purchase everything from household necessities and automobiles to discretionary items such as luxury goods.
While most Americans intend to repay their debt, contractual obligations sometimes go unmet. About 4% of aggregate consumer debt is currently in a stage delinquency. Delinquency and charge-off rates vary by asset type and the credit profile of the borrower at the time of origination. In many instances, the common denominator of bad debt is a distressed consumer; a lost job, an unexpected illness or other unforeseen financial circumstances.
The Cascade365 Family of Companies is the preeminent provider of liquidity solutions, AR purchase, collections, and AR management, to the consumer finance industry. Cascade365’s expertise includes the responsible and lawful liquidation of auto debt, credit cards, installment loans, and retail accounts. Cascade365 staff and vendors are trained, tested, incentivized and monitored for compliance with state, federal and local laws pertaining to debt origination and collections including but not limited to FDCPA, FCRA, TCPA and GLBA.
 Kunze, K., Davis, H., (November 2016). Personal Income and Outlays, National Economic Accounts. Bureau of Economic Analysis. Available at https://www.bea.gov/national/index.htm#personal.
 Consumer Credit (October 2016). Federal Reserve System. Available at https://www.federalreserve.gov/releases/g19/current/
 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks (Q3 2016). Federal Reserve System. Available at https://www.federalreserve.gov/releases/ChargeOff/chgallnsa.htm.