Industry Background:
Debt consolidation is a solution for consumers' overload by credit card debt. Consolidation cuts cost by lowering the interest rate on debts and reducing monthly payments by merging multiple bills into a single debt. There are two major types of debt consolidations one is taking a loan or signing up for a debt management program that doesn’t include loan. The first step towards debt consolidation is calculating the total amount payable every month and then the average interest paid on those cards. The second step is looking at the monthly budget and other necessities.
According to AMA Research, the market for Debt Consolidation is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Increasing Acquisitions of Credit Cards
.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Specialized Finance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Marcus by Goldman Sachs (United States), OneMain Financial (United States), Freedom Debt Relief (United States), National Debt Relief (United States), Pacific Debt (United States), Discover Personal Loans (United States), Premier Debt Help (United States), Lending Club (United States) and Payoff (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2024, Impax Asset Management has entered into an agreement to acquire the corporate credit assets from fixed income manager Absalon Corporate Credit, part of Formuepleje Group. The addition of this highly experienced team of credit managers, with a successful track record, will complement our existing fixed income capabilities, particularly in high yield
In July 2023, ClearScore launched of ‘Clearer’, a product that automatically repays people’s existing debt when taking out a debt consolidation loan. The first-of-its-kind technology behind Clearer ensures that funds for debt consolidation go directly to paying off debt, thereby ensuring better outcomes for borrowers.The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies.
Influencing Trend:
Increase Number of Online Websites and Applications and Increasing Advertisement Campaigns for Debt Consolidations
Market Growth Drivers:
Increasing Acquisitions of Credit Cards and Increasing Number of Financial Institutions
Restraints:
Lack of Consumer Awareness
Opportunities:
Increasing Number Initiates for Credit Cards from Banks
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Debt Consolidation Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Debt Consolidation Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Debt Consolidation players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Debt Consolidation Study Sheds Light on
The Debt Consolidation Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Debt Consolidation industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Debt Consolidation industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.