Empower consumers with more knowledge to maintain financial stability
As economic and regulatory uncertainty continues, so does the need for a reliable way for consumers to make ends meet. While there are some signs of economic improvement, a few real challenges persist, including:
- 64% of consumers are living paycheck-to-paycheck and have issues paying their bills—inflation pressures are expected to continue throughout 2023
- The expiration of the expanded child tax credits, and the changes to the real estate market and mortgage rates that have increased the cost of homeownership
- Supply chain slowdowns and unpredictable costs for essentials
- While the current national average of a gallon of gasoline at $3.59 is a far cry from the 2022 peak of $3.66 a gallon, it’s higher than the average cost of gas since 2018
Inform your account holders through all available communications touch points
Frequent and thorough disclosures about the services you provide to help consumers maintain access to liquidity is valuable if they are having difficulty managing their checking account. Making sure consumers know that you are providing a safety net by providing a line of credit, credit card, and as a last resort, a reasonably priced overdraft privilege service, gives them the information they need to make the best decision.
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