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Revolving Debt Will Grow to $1.3 Trillion in 2023:

By PaymentsJournal
March 9, 2020
in Credit, Truth In Data
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Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s report – Credit Card Lenders: Hone Strategies and Do Not Let Fintechs Scare You.

Revolving debt will grow to $1.3 trillion in 2023:

  • In 2013, there was $888 billion in revolving U.S. debt
  • In 2023, there will be a projected $1.3 trillion in revolving U.S. debt
  • Aggregate growth for the 11 years (2013-2023) will advance 30%
  • Compound annual growth rate (GAGR) of U.S. revolving debt for the 11 years is 3.52%
  • Debt issued by credit card banks will grow from $703 in 2013 to $1.17 trillion in 2023
  • Credit card debt issued by credit unions will grow from $49.4 billion in 2013 to $83.8 billion in 2023
  • ‘Finance Companies’ are the big losers: $64 billion in 2013 will fall to $14 billion in 2023

About Report

Marketplace lenders and non-bank point-of-sale finance lenders are not likely to disrupt the course of credit card lending.

Marketplace lenders now dominate the installment loan industry, a segment previously dominated by banks. Loan options are appearing everywhere, but fintechs are simply repackaging old lending products for loans and point-of-sale finance. Credit card issuers should focus on their products’ benefits rather allowing these aspiring disrupters to change the playing field.

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