What is Consumer Credit Market Scope?
Consumer credit also known as consumer debt which is a short and intermediate term loans used by individuals to buy goods and services or to refinance debts incurred for such purposes. In industrialized countries includes India, China and Brazil, the consumer credit market is growing rapidly due to maximum number of people earn regular income in the form of fixed wages and salaries. A few credit companies have started adopting the trend of collaborating with alternative lenders, which will help them to expand their footprint and maximize market shares in the upcoming years.
The Consumer Credit market study is being classified by Type (Revolving Credit, Installment Credit and Others), by Application (Individual, Enterprise and Others) and major geographies with country level break-up. According to AMA, the Global Consumer Credit market is expected to see growth rate of 4.98%
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Consumer Credit market throughout the predicted period.
BNP Paribas (France), Citigroup (United States), HSBC (United Kingdom), Industrial and Commercial Bank of China (ICBC) (China), JPMorgan Chase (United States), Bank of America (United States), Barclays (United Kingdom), China Construction Bank (China), Deutsche Bank (Germany), Mitsubishi UFJ Financial (Japan) and Wells Fargo (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Consumer Credit market by Type, Application and Region.
On the basis of geography, the market of Consumer Credit has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In the United States, the Truth in Lending Act (part of the Consumer Credit Protection Act of 1968) requires lenders to state finance charges in ways that allow borrowers to compare the terms being offered by the lending companies. The Consumer Credit Protection Act in the United States and the Consumer Credit Act (1974) and Consumer Protection Act (1987) in Great Britain are examples of legislation enacted to protect borrowers.
Influencing Market Trend
- Increasing Cash-Back Offers, Frequent Flier Miles and Reward Points
- Increasing Consumer Inclination towards Purchasing Goods and Services Immediately and Repay the Costs Over Time
- The Growing Demand of Consumer Credit in Developing Economies
- The Surging Use of Social Media Channels by Consumer Credit Agencies
- Increasing Numbers of Small and medium enterprises in both Developing and Developed Economies
- Lack of Consumer Awareness
- The dearth of Skilled Professionals and Service Providers in Emerging Nation
- High-Interest Payments and Penalties
Key Target AudienceConsumer Credit Service Providers, Banking Service, End Users, Government and Private Organisations, Government Regulatory Body and Others
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