delinquencies increase, particularly among younger borrowers
debt rose to a record in the final quarter of 2019 as Americans spent
aggressively amid a strong economy and job market, and the
proportion of people seriously behind on their payments increased.
Total credit-card balances increased by $46 billion to $930
billion, well above the previous peak seen before the 2008 financial crisis,
according to data released by the Federal Reserve Bank of New York on Tuesday.
Some cardholders, particularly younger
ones, are running into trouble.
The proportion of credit-card debt in serious delinquency, meaning payments were late by 90 days or more, rose to 5.32% in the fourth quarter, the highest level in almost eight years, from 5.16% in the third quarter. The serious-delinquency rate for borrowers from 18 to 29 years old rose to 9.36%, the highest level since the fourth quarter of 2010, from 8.91%.
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We are proud of our amazing CEO Stephen Hoops who was recognized as one of Delaware Business Time’s People to watch in 2010!
Hoops said revenues for his company, which designs strategies for clients by analyzing segments to identify trends from data received from different environments, increased by more than 50% for the third year in a row, and the company became the first non-University of Delaware occupant in the Tower at UD’s STAR campus. Predictive Analytics has been recognized as one of UD’s most promising new ventures two years in a row.
What are your biggest goals for 2020?
I am looking to move PAG into the fourth year of the business and continue to expand into new verticals. We now have clients across five business verticals, while targeting new clients in two additional verticals in 2020.
What do you see as the biggest obstacle to achieving those goals?
Whenever you move into new verticals, there is a “getting to know you” period. We are well established within the financial services, gaming and the marketing world today, where we collectively have more than 120 years of experience in financial services and marketing. Gaming took time building contacts, our reputation and some pro-bono work to establish ourselves. Health care and sports are moving well today but had similar hurdles early on. As we grow cross-vertically, we are starting to see less “time to market” from initial contact within an industry to a first paid engagement. Patience, a healthy balance of EQ and IQ, humility and passion are the keys to expansion into new markets. It also helps that we all enjoy what we do on a daily basis.
Full article can be found here