The primary challenges facing consumer lending in 2023 have been a continuation of 2022’s twin factors of higher inflation and increasing interest rates. While the story in 2022 was one of largely unchecked inflation affecting much of the US economy, 2023 has really zeroed-in on the US Federal Reserve’s efforts to achieve a so-called “soft landing” by increasing interest rates in an attempt to simultaneously tame inflation while avoiding slipping into recession.
The US has long been one of the largest markets for education lending globally. This is due in part to the funding structure of higher education in the US, which is funded by a complex web of state and federal grants, school funding and private scholarships, with the gaps usually made up via education lending.
As noted earlier, one of the biggest stories in the US economy as a whole in 2023 has been increasing interest rates off the back of hikes in the US Federal Reserve’s federal funds rate. While the early years of the pandemic saw a substantial number of US consumers refinancing their mortgages to take advantage of rock-bottom mortgage rates in a period when sales had declined, 2022-2023 has really seen a cratering of the refinancing market, and significant headwinds for house purchases.
Credit card usage has long been a staple of US consumer spending, and one that continues to grow at a rapid pace. Recent years, however, have seen the rise of a new form of everyday consumer credit in the form of buy now pay later (BNPL) lending.
The fate of consumer lending in the US is closely tied to the current economic environment. In 2022 there was deep concern about a pending recession, which could drastically affect consumer spending.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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