Americans’ financial situations are worse than expected in early 2023, and 79% of consumers report that they are living paycheck to paycheck, up from 64% in early 2022.

While consumers want to pay their bills on time, it’s not possible for everyone, especially with the pressure of inflation and the still-rising costs of necessities like housing.

Here are three key challenges facing lenders in 2023 and how to build a collections strategy to address them:

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