Image by Nikola Johnny Mirkovic

INDUSTRY INFORMATION

Debt levels for all people are becoming unsustainable. Everyone, all age groups and all wealth segments have too much credit card debt.

 
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Current consumer debt levels are significantly higher than they were at the time of the last financial crisis in 2008. As the debt bubble bursts, we will be in a great position to help consumers settle their debt.

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Consumers have accumulated record debt levels during these strong economic times. They have bought what they want now with the hope of paying for it in the future. Now that the economy is weakening, we expect consumers will need tremendous help with settling these record debt levels.

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We expect significant growth in debt settlement enrollments, similar to the last large economic downturn. 


Due to the current economic disruptions of Covid-19 we expect a similar growth rate in the number of settlements demanded over the coming years.

Credit Card Facts

  • According to the Federal Reserve report from May 7, 2020, credit card debt hit a new record high at $1.066 Trillion dollars in March 2020

  • Credit card debt is higher than the peak debt levels from the April 2008 credit crisis

  • Credit Card debt is up over 6% over the past year

  • Delinquencies are up to 7.5% from 7.0% a year ago

 

LEARN MORE ABOUT THE RISING CONSUMER DEBT BELOW

FROM EXPERIAN

Debt reaches new highs in 2019, but credit scores stay strong

FROM FORBES

Drowning In Debt Due To COVID-19? How The Virus Has Created The Perfect Credit Card Storm, And How To Manage It

FROM BUSINESS INSIDER

US consumer debt hit a record $14.3 trillion in the first quarter