It should come as no surprise that one of the biggest stories for the forecast period in consumer credit is likely to be ongoing calls for regulation of buy now pay later (BNPL). BNPL products in the US are subject to a number of existing laws and regulations from organisations such as the Federal Trade Commission (FTC); however, enforcement and comprehensiveness of the regulations at this point are rather clearly lacking.
As noted in the 2023 developments section of this report, the federal CARES Act kept a large proportion of education lending in the US in interest-free forbearance between 13 March 2020 and 1 September 2023. With payments returning in October 2023, the end of this programme will have a significant impact on the monthly budgets of many US consumers.
The forecast period is likely to be challenging for many consumers as they juggle their financial obligations. As noted earlier, many consumers took different types of consumer credit during the pandemic, while their student loans were in forbearance, and now face a future that will involve juggling both types of debt.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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