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After nearly a decade of healthy economic growth, financial institutions have experienced a surge in consumer lending, paired with a decrease in delinquencies. However, the economy is undergoing a seismic shift due to rising inflation, increased consumer debt and hardships resulting from the pandemic. According to reports from March, consumer credit hit a record high of $52.4 billion – a notable jump from $37.7 billion the previous month and the pre-COVID average of close to $15 billion per month.

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