Report

Consumer Debt in the Age of COVID-19

The COVID-19 crisis has ushered in a wave of unprecedented economic uncertainty. With no clear end date to the pandemic in sight, it’s unclear when, or how quickly, the economy will start to recover.

In this report, we will discuss how U.S. consumers are engaging with their debts during this crisis, including how payments and other behaviors have changed. Then, we’ll explore the steps companies can take to better service consumers while also driving revenue during these uncertain times.

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About the Guide

In this report, you'll review our analyzed data showing that:

  • Pre-coronavirus, cash flow & consumer sentiment were drivers of debtrelated behavior
  • Nationwide panic led to decreased engagement and payment activity
  • Consumers used CARES Act checks to pay debt
  • With unexpected cash, consumers changed their payment behaviors
  • Plan modifications were an important option for consumers in need
  • Debt collectors need to change their operations to thrive in a post-coronavirus future

About TrueAccord

TrueAccord is a full-service digital-first debt collection agency that has worked with more than 12 million consumers of major banks, issuers, eCommerce companies and direct lenders. We are transforming the debt collection industry and helping consumers reach financial health with convenient payment plans, customized billing schedules, and easy documentation.