Hardship assistance helps consumers get back on track
In Australia, providers and governing bodies are actively collaborating to reduce the number of closed accounts, currently making up around 10% of accounts that enter hardship assistance programs. After declaring financial hardship, 70% of Australian credit card consumers maintain or improve their status, vs. 56% for mortgages and 52% for personal loans. Plus, the consumers with improved outcomes come off hardship assistance 50% faster.