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Executive Summary
Here are three key global credit trs in 2023:
Recovery through hardship assistance programs
In Australia, stakeholders including providers and regulatory bodies have joined forces to minimize the number of accounts entering financial hardship programs, currently accounting for around 10 of total accounts. Post-declaration of financial distress, 70 of Australian cardholders mntn or improve their status compared to a prior rate of 56 for mortgages and 52 for personal loans. Moreover, consumers who showed improvement exited the hardship programs at an accelerated pace of 50 relative to the average.
Growing credit card delinquencies
In the U.S., credit card arrears are on the rise. As per Equifax's latest data, over 17 million accounts were delinquent by at least one payment in June 2023, marking a year-over-year increase of approximately 6. This tr indicates growing financial strn across cardholders.
Global affordability challenges
The global economic landscape is facing severe affordability pressures. According to recent analyses, the cost-of-living crisis has escalated, impacting consumers' ability to meet their essential expenses. Factors such as inflation, volatile energy prices, and interest rate hikes have combined forces to create significant challenges for households worldwide in managing their finances effectively.
Market Pulse: Strategies for Navigating the Auto Industry in 2024
Our latest Market Pulse webinar explored strategies for navigating uncertnties within the automotive sector, emphasizing the importance of adapting businessto evolving consumer preferences and technological advancements. Experts shared insights on how to leverage digital tools and customer-centric approaches to drive sales and foster loyalty.
Infographic: Small Business Indices
An infographic highlighted key metrics indicating the resilience of small businesses worldwide. It showcased data such as recovery rates post-pandemic, trs in revenue growth, and shifts in operational priorities, providing valuable insights for entrepreneurs looking to expand or optimize their strategies.
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Global Credit Recovery Strategies 2023 Australian Financial Hardship Reduction Trends US Credit Card Delinquency Increase Global Affordability Challenges Overview Navigating Auto Industry Uncertainties 2024 Small Business Resilience Metrics Analysis