Collector - April 2020 - 14

FYI

CREDITCARDS

CREDIT

HIGH INCOME? YOU MIGHT ALSO HAVE
HIGH CREDIT CARD DEBT
Credit card debt is a slippery slope, even if your paychecks are pretty
big. A recent Bankrate survey found that not only is credit card debt the
most common type of debt, but U.S. adults with net worths of $100,000
or more are the most likely to carry it. Of this group, the survey found,
more than half owe at least $2,500.
U.S. adults with net worths of $100,000 to $199,999 cite day-to-day
expenses, medical bills and retail purchases as the top three reasons
for their credit card debt.
"It doesn't make sense to finance a fancy lifestyle with credit card debt,"
said Ted Rossman, credit card industry analyst for Bankrate. "That's
costing you a lot of money over time and risking your financial stability."

Credit Card Debt by Net Worth
Less than $0

40%

$0 to $999

41%

$1K to $49K

48%

$50K to $99K

47%

$100K to $199K

57%

$200K to $499K

50%

$500K to $1 million

39%

Over $1 million

21%

Source: FICO

DATASECURITY

DATA SECURITY STARTS AT THE TOP,
ACCORDING TO THE FTC
Companies in the accounts receivable management
industry updating their data security policies and
procedures can look to the Federal Trade Commission's
recently revised orders for guidance.

A recent FTC hearing on data security, plus the June 2018
decision in LabMD v. the Federal Trade Commission that
struck down an FTC data security order as "unenforceably
vague," prompted the commission to revise its approach.

Source: Bankrate Net Worth Survey 2019

HEALTHCARE

of all payments made by health
plans to hospitals in 2017
were tied to a value-oriented or
alternative payment method.

Source: Catalyst for Payment Reform

14

of your FICO credit score is
based on the total amount you
currently owe.

"Since the early 2000s, our data security orders had
contained fairly standard language," said Andrew Smith,
director of the FTC Bureau of Consumer Protection.

Note: Survey respondents could choose more than one answer. Three percent answered "other debt" and 31
percent responded they have no debt.

53%

30%

Among other things, the new orders elevate data security
considerations to the C-suite and board level. Every
year, the FTC expects companies to present their written
security program to their board or similar governing
body. Plus, senior officers must now provide annual
certifications of compliance to the FTC. Compliance
officers are encouraged to read more about the orders
here: http://bit.ly/37IvaUa.

Top Five Reasons
Boards Struggle with Data Security

1 25.5%

Insufficient expertise

2 16.2%

Insufficient communication on
company's IT strategy and operations

3 14.7%

Lack of integrated business IT strategy
picture presented by management to board

4 13.7%

Rapid pace of IT change

5 11.8%

Board does not address IT at all
Source: NACD/Oliver Wyman

ACAINTERNATIONAL.ORG


http://www.bit.ly/37IvaUa http://www.ACAINTERNATIONAL.ORG

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