This is a good article. Keep in mind that Frank touted organic growth as the key contributor to the good numbers. Organic growth means more accounts, more transactions. But this article says the piper needs to be paid eventually and the signs say it won’t be pretty. https://finance.yahoo.com/news/troubling-signs-emerge-as-credit-card-debt-hits-record-high-160607906.html
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The only way for this to happen is from a new form of payment being created and it having alot of transaction with users.
The point here is that delinquency, defaults and charge-offs are the opposite of organic growth. Transaction volume will go down. Revenue will follow.
If there is a recession people would put more on cards. Fiserv is not a bank so insolvency is not an issue
Word on the street is that Fiserv will take the debts paid by those consumers to maybe put a dent into their own debt from First Data.