Let’s start with the bad news first. There’s a general consensus amongst financial experts that the markets are poised to pull back in the next 12-18 months.
Driving this downturn is the fact that millennials—the largest generation in the U.S. labor force—are buying houses and vehicles while contending with an enormous amount of student debt. In the past year alone, credit card loans have increased by 5%1, and the percentage of seriously delinquent borrowers (90+ DPD) grew 11 basis points to 1.89%2.
Rather than be caught off-guard, many companies are taking steps now to prepare for the downturn. CEOs are tasking their leadership with implementing cost-saving initiatives, enhancing operational efficiencies and adapting to a pressure-driven economy.
If you’re feeling a little flat-footed about your current operation, don’t fret—there’s still time to mobilize! Click here to learn more about Alorica’s experience helping companies navigate uncertain financial times, and the steps you can take to fortify your enterprise.
1. https://www.americanbanker.com/news/is-jamie-dimon-warning-of-a-downturn
2. https://www.transunion.com/blog/iir-consumer-credit-origination-q1-2019
