As the pandemic (hopefully!) subsides, consumers are ready to spend. While much of that spending will be directly out of savings or put onto a credit card, a new purchasing model emerged over 2018 and 2019 and, now as the pandemic winds down, we are likely to see its continued ascension.
The International Monetary Fund (no, it’s not money fund!) recently forecasted a rapid economic turnaround for the United States, which they argue will also help its trading partners’ in their own economic recovery post-COVID. A lot of this, they believe, is due to the country’s recent stimulus package.
We have written a lot about the economic strain many Americans continue to face as the pandemic (hopefully!) winds down. We recently noted how debt postponed during the worst stretches of lockdown will soon come due, leading to a spike in foreclosures and auto repossessions. Things are about to be unbelievably difficult for a lot of people, and the compliance industry must help to make these experiences as painless as possible by following federal regulations and industry best practices.
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