Exhibit 99.1


Wednesday March 31, 10:45 am Eastern Time
Company Press Release

Asta Funding Purchases $1.35 Billion in Charged-Off Credit Card Receivables
Representing One of the Larger Bulk Purchases in Recent History

ENGLEWOOD  CLIFFS,  N.J.--(BUSINESS  WIRE)--March 31, 1999-- ASTA FUNDING,  INC.
(NASDAQ:ASFI), an emerging leader in the distressed consumer receivables market,
today  announced  the purchase of  approximately  $1.35  billion of  charged-off
credit card  receivables  from a major financial  institution.  The purchase was
made through the newly formed  subsidiaries:  Asta Funding Acquisition I, II and
III LLC. Details of the purchase price were not disclosed.

          Gary Stern, President and CEO of Asta Funding, stated, "I am extremely
enthused about this significant acquisition of receivables, which represents one
of the larger bulk  purchases of charged-off  credit card  receivables in recent
history.  Asta will continue its  aggressive  expansion  into the billion dollar
distressed receivable market which, we believe, will ultimately garner long-term
shareholder value."

          Englewood  Cliffs-based  Asta Funding,  Inc. and  subsidiaries own and
manage distressed consumer receivables and originate sub-prime automobile loans.

          Except for historical  information  contained herein,  the matters set
forth in this  news  release  are  forward-looking  statements.  Although,  Asta
Funding,  Inc. believes that the expectations  reflected in such forward-looking
statements are based upon reasonable assumptions, there can be no assurance that
expectations can be realized.  Forward-looking  statements involve certain risks
and uncertainties that could cause actual results to differ materially from Asta
Funding Inc.'s  expectations.  Factors that could contribute to such differences
include  those  identified  in Asta  Funding,  Inc.'s most  recent  Registration
Statement on From S-1, its form 10KSB for the year ended  September 30, 1998 and
the 10-Q for the quarter ended December 31, 1998, and those  described from time
to time in Asta Funding  Inc.'s other filings with the  Securities  and Exchange
Commission, news releases and other communications.

Contact:
     ASTA Funding, Inc., Englewood Cliffs
     Mitchell Herman, 201/567-5648
     mitchellherman@yahoo.com