It’s no secret. The auto industry is undergoing significant changes affecting the bottom line of car manufacturers, auto-financing companies, dealers, and suppliers across the globe.
Question for You.
Recent data from the Federal Reserve shows that the credit card delinquency rate has steadily risen over the past few years. In the fourth quarter of 2022, the delinquency rate reached 2.7%, the highest since 2011. Including charge-offs, credit card debts are written off as a loss have also risen, reaching 3.6% in the same quarter.
Small businesses are the United States economy’s backbone. It’s a fact, according to the SBA small business profile 2020. There is 31.7 million small business, and they account for 99.9% of the United States businesses. It is fair to say small businesses are the oxygen and lifeblood of the U.S. economy. They generate about 50% of our GDP.