Today on the Consumerism Commentary Podcast Tom Dziubek speaks with Deron Weston, Principal, U.S. Banking and Securities at Deloitte Consulting, about Deloitte’s recent survey on first-time credit defaulters. Deron explains what constitutes a “first-time defaulter” and discusses several topics relating to them such as major causes of defaulting, the bank’s overall response to the defaulters and the different products banks have been offering them to help them recover their credit rating.
Deloitte’s Survey on First-Time Credit Defaulters: S05E20 / 148
Table of contents
[00:00] Introduction from Tom Dziubek
[00:38] Interview with Deron Weston
— [00:50] The people sampled in this survey
— [02:29] Defining a first-time defaulter
— [03:12] The differences between the two Deloitte surveys
— [04:02] The credit groups affected the most
— [04:48] Major reasons for people defaulting
— [06:09] The connection between unemployment and health care
— [07:50] Customer service experiences & relationship with their banks
— [11:31] Products being offered by banks to help customers improve their credit rating
— [12:40] Poor response to secured credit cards
— [14:03] New reports about fewer delinquencies
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