From PR Newswire
Automotive Sales to Individuals with Discharged Bankruptcies to Reach Record High
Phoenix, AZ- Feb 2, 2006-- Due to record filings the 2nd half of 2005, the Federal Bankruptcy Courts are publishing discharges at record rates.
According to the Administrative office of the U.S. Courts, 3rd and 4th quarters of 2005 set bankruptcy filing records at triple digit increases. Filings were up to 542,002 for the 3rd quarter and 672,320 for the 4th quarter.
"We are beginning to see the 1.2 million BK filings from the end of 2005 mature into discharges", explained Robert Davies, President of Direct Marketing Associates, Corp. "Our OnlineBKmanager.com marketing system is delivering weekly discharges at record volume levels. We anticipate this influx of discharges to completely enter the market during the next 5 to 10 months. We know that nearly 450,000 of these individuals will purchase a vehicle within thirty (30) days of their discharge."
Other Related News –
Due to pressure from federal regulators, credit grantors have announced they are increasing minimum monthly payments on credit card balances from 2% to 4%.
"Some card holders could be devastated by the change," said Davies. "Those consumers hanging on by a thread will not be able to handle this monthly increase. If a consumer is living paycheck to paycheck and their minimum monthly payments go from $350 to $700 per month, this extra money may not be available in an already stretched household budget." Bank of America has anticipated this scenario and has set aside an extra $130 million to cover projected losses from defaulting cardholders.
"In short, Bankruptcies will not be a thing of the past anytime soon," concluded Davies. "Consumers will continue to over extend themselves and require the protection of the BK courts."
Direct Marketing Associates, Corp.
Get top dollar for your buy here pay here auto paper. We buy auto notes!!
Russell Crosby 615-414-6708
www.auto-bulk.com
Automotive Sales to Individuals with Discharged Bankruptcies to Reach Record High
Phoenix, AZ- Feb 2, 2006-- Due to record filings the 2nd half of 2005, the Federal Bankruptcy Courts are publishing discharges at record rates.
According to the Administrative office of the U.S. Courts, 3rd and 4th quarters of 2005 set bankruptcy filing records at triple digit increases. Filings were up to 542,002 for the 3rd quarter and 672,320 for the 4th quarter.
"We are beginning to see the 1.2 million BK filings from the end of 2005 mature into discharges", explained Robert Davies, President of Direct Marketing Associates, Corp. "Our OnlineBKmanager.com marketing system is delivering weekly discharges at record volume levels. We anticipate this influx of discharges to completely enter the market during the next 5 to 10 months. We know that nearly 450,000 of these individuals will purchase a vehicle within thirty (30) days of their discharge."
Other Related News –
Due to pressure from federal regulators, credit grantors have announced they are increasing minimum monthly payments on credit card balances from 2% to 4%.
"Some card holders could be devastated by the change," said Davies. "Those consumers hanging on by a thread will not be able to handle this monthly increase. If a consumer is living paycheck to paycheck and their minimum monthly payments go from $350 to $700 per month, this extra money may not be available in an already stretched household budget." Bank of America has anticipated this scenario and has set aside an extra $130 million to cover projected losses from defaulting cardholders.
"In short, Bankruptcies will not be a thing of the past anytime soon," concluded Davies. "Consumers will continue to over extend themselves and require the protection of the BK courts."
Direct Marketing Associates, Corp.
Get top dollar for your buy here pay here auto paper. We buy auto notes!!
Russell Crosby 615-414-6708
www.auto-bulk.com
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