The Keys to Effective Bankruptcy and Repossession Strategies

As consumers struggle to make payments, it is vital for financial institutions to implement successful bankruptcy and repossession strategies. This is especially critical today, with inflation, mass layoffs, cost-of-living increases, high interest rates and the resumption of student loan payments contributing to consumers’ plummeting financial health. MarketWatch Guides reported that, between 2022 and 2023, U.S. household debt surged by a staggering $800 million, reflecting a 4.8% uptick, while credit card debt skyrocketed by 16.6%.