Consumer debt is on the rise across the globe for many reasons, including the economic impact of COVID-19, inflation, rising gas prices, and a looming recession. Many consumers are turning to credit and debt to manage cost of living standards. Given the rise of inflation, compared to wage rises, the average worker is seeing their total real pay as 0.19% lower than before the economic crash of 2008. The Money Charity predicts that real household disposable income is expected to fall by 2.2% in the 2022/23 tax year.
This report outlines where analysts expect to see the biggest changes in the debt collection industry over the next few years and proposes strategies for how successful collections organizations can adapt to this changing landscape to improve customer service, collections, and ROI.