It’s tough out there. Inflation remains high, and job layoffs continue in many sectors. Consequently, more Americans are relying on credit cards and personal loans. All that increased debt goes hand in hand with an increase in missed payments. The New York Federal Reserve reported that the share of payments late by 90 days or…
Businesses that invest in language increase pre-collections payments and will stay ahead of the coming spike in missed payments. Companies as diverse as telecommunications companies, retail banks, utilities, and the finance arms of automotive manufacturers are bracing for a surge in missed payments from the 43% of U.S. households that have lost income since the…
Delinquency rates on the $1 trillion of debt held by U.S. households were increasing even before the COVID-19 crisis. With over 33 million Americans filing for unemployment between March and May 2020, banks are now preparing for a wave of payment challenges. New forecasts even suggest delinquency rates could be 3X higher than they were…