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Consumer Finance and Credit Consolidation in the United States 2010
Mintel, Feb 2010, Pages: 93
This report examines the trends, outlook, and opportunities in the US market for unsecured consumer loans, including payday and pawn loans and other types of “alternative financial services” (AFS). It builds on several previous Mintel US studies, including Unsecured Loans—U.S., December 2005; Residential Mortgages and HELOCs—U.S., August 2008; and HELOCs and Other Lines of Credit—U.S., October 2009. This report estimates the size of the current marketplace, and analyzes the top players and their strategies. It looks at the major issues affecting the industry and analyzes their possible impact, including the state of the economy, the housing market, consumer and lender attitudes, and credit quality trends. It also examines the views of consumers who have trouble paying their debts. Recent trends in direct marketing are also examined. Most importantly, it offers suggestions on how lenders can succeed in a changing and difficult environment.
- Unsecured lenders’ greatest competitive threats—home equity loans and mortgage refinances—are now largely tapped out and likely to remain so for years to come
- The US home ownership rate has fallen to its lowest level in seven years and more and more consumers are becoming renters, meaning unsecured loans will be the only type of loan they will be able to obtain
- The nation’s largest consumer finance branch network recently closed down, leaving a huge void—presenting an opportunity for other companies in the business
- More than a third of consumers say they are having trouble paying their debts, creating an opportunity for lenders to offer these people potential financial solutions
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