Fintech industry trends in 2020
The forecasts show that coming year will be marked by cryptocurrencies and their conversion to cash. Fintechs are supposed to get support from the quickly...
Unfortunately, growing debt burden is a common problem among users of financial services. Consumers are often falling into a debt spiral, without taking into account the effects of further liabilities. One of the reasons for growing debt may be depression. It is caused by, among other things, growing consumerism and fast pace of life. More and more consumers want to “escape” everyday problems and resort to expensive shopping, which in turn causes their debt to grow.
Marcin Sikora, LOANDO Group Chief Sales Officer, commented: “People taking out loans often do not end up with a single one. All too often they make use of various financial solutions and do it again and again, which makes them become entangled in the so-called debt spiral. It is very important for the financial industry to educate such consumers. A conscious consumer is a consumer who less frequently falls into a debt spiral and one who makes informed decisions.”