Today's current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses that manage engagement for customers with delinquencies.
Schedule a consultation to learn more about how Retain’s solutions can support your business’s customer communications and engagement in 2024’s economic landscape and beyond.
Our new on-demand webinar—Understanding Consumer Credit Trends in 2024 with Jim Bander Ph.D., Data Scientist of Experian, and Ohad Samet, CEO and Founder of TrueML—looks at what today’s economic conditions tell us about the overall outlook for the rest of 2024. Watch the webinar now here»»
But even as economic experts adjusted their outlook towards a soft landing, 2024 is still expecting a slowdown in consumer spending. Credit card balances have hit a trillion dollars, with no signs of slowing. That unprecedented milestone proved to just be another number, as credit card balances continue to grow.
On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans. Buy Now, Pay Later spending and delinquencies are also a piece of the puzzle, but one that is not currently captured by the Bureau of Economics. And then add on student loan repayments resuming—it’s no surprise consumers are feeling confused and often need help to organize their different debts.
But with this confusion comes an opportunity for businesses to bolster their relationships with consumers to help them back towards the path of financial health while recovering past-due payments.
Watch the Full Webinar to Learn More
Understanding Consumer Credit Trends in 2024 provides an in-depth look at all of these topics and more, including a Q&A with presenters Jim Bander of Experian and Ohad Samet of TrueML answering some of the top questions around the material.
Watch the on-demand webinar to learn about:
Webinar Insights and Highlights
We saw surprising economic growth all the way through the end of 2023, thanks in part to the resiliency of the US consumer: consumer spending persisted despite inflation, interest rates, and concerns of a potential recession raised throughout the year.But even as economic experts adjusted their outlook towards a soft landing, 2024 is still expecting a slowdown in consumer spending. Credit card balances have hit a trillion dollars, with no signs of slowing. That unprecedented milestone proved to just be another number, as credit card balances continue to grow.
On top of historic credit card balances, delinquencies continue to climb across the board: automotive, mortgage, bank cards, and unsecured personal loans. Buy Now, Pay Later spending and delinquencies are also a piece of the puzzle, but one that is not currently captured by the Bureau of Economics. And then add on student loan repayments resuming—it’s no surprise consumers are feeling confused and often need help to organize their different debts.
But with this confusion comes an opportunity for businesses to bolster their relationships with consumers to help them back towards the path of financial health while recovering past-due payments.
Watch the Full Webinar to Learn More
Understanding Consumer Credit Trends in 2024 provides an in-depth look at all of these topics and more, including a Q&A with presenters Jim Bander of Experian and Ohad Samet of TrueML answering some of the top questions around the material.
Watch the on-demand webinar to learn about:
- Current economic influences on the credit market
- The ripple effect the economic situation has on consumer communications
- How to proactively strengthen your engagement strategy
Schedule a consultation to learn more about how Retain’s solutions can support your business’s customer communications and engagement in 2024’s economic landscape and beyond.