The latest G-19 Consumer Credit Report has shed light on an alarming trend in the credit union sector: a rise in delinquency rates, particularly in credit card collections.
This trend, revealing a slowdown in consumer lending growth, is impacting even major credit unions like Navy Federal and Pentagon Federal. As these challenges grow, credit unions are urgently seeking effective solutions to navigate these waters.
Americans now owe $1.12 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday, with the average consumer carrying $6,218 in credit card debt, up 8.5% year over year, according to a quarterly report from TransUnion.
Lexop's collection software is designed specifically to address and streamline the debt recovery processes for credit unions. Our solution offers a strategic and efficient approach to overcoming the critical collection challenges you face today.
Why Credit Union Collection Teams Choose Lexop:
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Efficiency in Debt Recovery:
Lexop's software makes your debt recovery process more efficient and effective. By streamlining these processes, credit unions can see quicker results, directly impacting their bottom line. -
Enhancing Agent Well-Being:
We understand the stress and challenges faced by collection teams. Lexop is thoughtfully designed to prevent burnout, ensuring that your team's well-being is a priority. A happier, healthier team leads to better performance and results. -
Tailored Collection Strategies:
Every member has unique needs and circumstances. Lexop's adaptable approach to credit card collections allows for customized strategies that are more likely to yield positive outcomes.
Experience firsthand how our software can make an immediate and significant impact on your credit card collection efforts.
Lexop could be the game-changing solution your credit union needs to effectively tackle the growing challenge of credit card delinquencies. Don't let this trend impact your operations and staff morale. Take the first step towards revolutionizing your collection process by booking a meeting with one of our Digital Collections Experts.
