Inflation is a complex phenomenon influenced by various factors, but its consequences cannot be under-estimated. In such an environment, access to credit becomes increasingly crucial for individuals and businesses. While the cost of many forms of credit may increase, it’s important that consumers have access to credit, as it may allow them to bridge the gap between income and expenditures, enabling them to maintain their standard of living despite rising prices.
Inflation can also create an environment of uncertainty, where unexpected expenses can quickly derail even the most carefully planned budgets. Emergencies such as medical bills, home repairs, or sudden job loss can arise when least expected, leaving individuals financially vulnerable.
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Access to credit offers a safety net in such situations, providing funds to manage unforeseen costs and mitigate the potential long-term consequences.
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Timely access to credit can prevent individuals from falling into a cycle of debt or resorting to predatory lending options, preserving their financial well-being in the face of inflationary challenges.
Moreover, access to credit is not only essential during inflation but also plays a critical role in establishing creditworthiness and promoting financial inclusion that empowers individuals, and communities to participate more fully in the economy.
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For individuals with limited credit history or no access to traditional financial services, obtaining credit can be a steppingstone towards building a solid credit profile.
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Responsible borrowing, timely repayments, and managing credit effectively can improve credit scores and open doors to future financial opportunities.
In an inflationary period, access to credit can be vital for individuals, businesses, and overall economic stability. AFSA will continue to advocate for Americans’ access to these crucial financial tools.
Inflation & Consumer Credit
May 30, 2023
Inflation is a complex phenomenon influenced by various factors, but its consequences cannot be under-estimated. In such an environment, access to credit becomes increasingly crucial for individuals and businesses. While the cost of … Read the rest
Elevate in Salt Lake | Committee Meetings
May 30, 2023
AFSA is pleased to announce our Committee Meeting lineup for the 2023 Annual Meeting!
AFSA’s committee meetings* are your key to accessing the most up-to-date information on everything important to your business. From best practices,… Read the rest
We Call It Memorial Day For a Reason
May 29, 2023
The American Financial Services Association and its members have long supported our nation’s military veterans, current servicemembers, and their families. It seems that with every passing year, the intent of Memorial Day becomes less… Read the rest
Stephen McDaniel & Rick Hackett on F&I Compliance
May 25, 2023
In this episode of the AFSA Extra Credit Podcast, Dan chats with Stephen McDaniel, Co-founder & CEO with F&I Sentinel and Rick Hackett, Board Member with F&I Sentinel and former Assistant Director at the Consumer Financial Protection… Read the rest
Only the Best for AFSA Meetings
May 24, 2023
AFSA has been fortunate to host its conferences in outstanding destinations across the country. And the 2023 Annual Meeting will be no different. In fact, you might say we’re taking this meeting to entirely new heights. Not just because of … Read the rest
Elevate in Salt Lake
May 16, 2023
The American Financial Services Association is pleased to announce that Clint Pulver, one of the most sought-after leadership experts on employee retention, will be the Keynote Speaker at the 2023 AFSA Annual Meeting from October. Clint… Read the rest
Mixed Signals: Inflation Moves Lower at a Snail’s Pace for Consumers
May 11, 2023
There are encouraging and concerning signals in the latest batch of economic data released by the government this week.
First the good news: despite an uptick on a month-to-month basis in April, annual inflation at the wholesale level fell… Read the rest
Industry Icon #7 | Lisa Verdun
May 11, 2023
The AFSA Extra Credit Podcast Industry Icon series continues, featuring outstanding female leaders in the consumer credit industry. This episode features Lisa Verdun, Senior Fraud Consultant with Point Predictive. She chats with Danielle… Read the rest
AFSA Comments on Texas Retail Bad Debt Bill
May 04, 2023
This past week, AFSA’s state government affairs team sent a letter to the Texas House of Representatives expressing support on HB 3389. The bill would amend state law that would improve efficiency in the vehicle finance industry. Under the… Read the rest
AFSA Testifies on Rules on HB 2008
May 04, 2023
AFSA’s Senior Vice President Danielle Fagre Arlowe recently testified before the Oregon House Committee on Rules on HB 2008. The bill would make changes to state law related to debt collection. In her testimony, Arlowe expressed concern … Read the rest