Welcome to Fortegra's Credit Newsletter, a quarterly newsletter filled with information and insights on the Credit industry, as well as company updates and offerings. In this edition, we'll discuss the threat of rising credit card debt and summer travel!

 Consumer Credit Card Debt Increases

 US consumers are deeper in debt than ever before. As interest rates have risen, credit cards haven't been spared. Card interest rates have skyrocketed, and combined with inflation contributing toward higher prices on everyday items, consumer savings are eroding. Signs suggest that the increased debt isn't stemming from poor financial choices, rather, consumers are relying on credit to make ends meet. As a result, credit card debt has reached record highs. For those with large balances, experts suggest avoiding credit where they can and using debit cards to make purchases. With interest rates so high, carrying over a balance leads to consumers spending even more than predicted, sending them deeper into the red. If consumers are concerned about the best way to avoid debt, recommend they lower their credit card balances as much as they can to avoid the effects of the high interest rates. 

Stay Safe this Summer With Our Motor Club!

Summer travel season is heating up! Americans frequently hit the road during the summer — 80% of Americans plan to travel and four out of five of those are planning to drive. As so many hit the road, travel prices are expected to remain high. Because travelers will be able to take advantage of dropping gas prices, despite other prices, such as hotels, remaining up due to inflation and demand, driving has become a popular choice among those trying to economize their trips.

But with customers spending more time on the road than usual, breakdowns are likely to occur, no matter how good of a driver they are. Certain problems are common during the summer, including vehicle batteries dying or engines overheating. There are a few things drivers can do to protect themselves, such as making sure they have the correct amount of oil and regularly checking their battery life. For additional protection, be sure to offer your consumers our Motor Club product. As a member of our motor club, they'll be eligible for 24/7 roadside assistance, covering common breakdowns such as towing, tire changes, and fuel delivery, all across the United States. With Motor Club, your customers can set off on their travels with financial protection and peace of mind from the fear of setbacks due to vehicle breakdowns. Learn more about Motor Club below!

Did you see us at AFSA?

We had a great time networking and connecting with our industry partners in Las Vegas at the AFSA Independents Conference! Did you miss us? Reach out to Mike Ferris or Mark Walters to schedule a meeting!

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