How Can Your Financial Institution Help Its Consumers Prepare for Recession Predictions in the New Year?

We enter the new year with an inflated economy and predictions of a recession. As a result of the economy in 2022, interest rates, debt in all loan types and the general cost of living have all increased dramatically. According to the Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data, there have been increases in household debt and credit developments, including mortgage balances, credit card balances and auto loans. In addition, we saw an erratic housing market with high interest rates, as well as increases in auto loan rates, some of which have followed us into 2023.

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