Risk, Resilience and the Future of Lending

We’re halfway through 2025 and DJ Cox joins to discuss mid-year credit trends, consumer stability, and the biggest risks and opportunities shaping the lending landscape.

DJ Cox joins this month, flipping the script on Craig and Josh with the most-asked questions he’s hearing within the credit and lending space.

As they reflect on 2025 so far, Josh highlights signs of recovery in card originations and improving delinquency trends. And Craig adds a macro perspective, describing consumers as “cautiously stable” amid mixed economic signals.

Looking ahead, the conversation turns to key risks and opportunities — from tariff uncertainty and returning student loan payments to lenders shifting toward more selective growth strategies. They also examine trends in credit lines and balances, pointing to stable utilization and signs of disciplined behavior among consumers.

The episode wraps with an assessment of the shrinking private label card market and why it still matters, even against rising competition like buy now, pay later services.