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Consumer credit may be harder to obtain

July 08, 2020 - 00:00
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The pandemic unleashed a staggering one-two punch on the economy including double-digit unemployment and drastically reduced revenues for many businesses. However, the devastation could have been worse, says Ron Oertell, Chief Financial Officer at LendingUSA, LLC, a consumer lending company focused on physical point-of-sale locations. “Given the high unemployment rate, there was concern what short-term effect the pandemic would have on the consumer,” Oertell says. “The surprise has been consumers have been relatively stable in paying their bills. That has been driven in part by public policy decisions such as the stimulus payment plans and the government stepping up in a ...

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