May Chan on credit card debt
From "Improving Efficiency of Operations" with May Chan · · Orange County Power Players
“The credit card debt in the US today is out of control, right? As we all know. It's about $1.2 trillion and that breaks down to roughly about 11,000 per household. And here's a kicker. The average interest rate on the existing credit card accounts now is over 21% APR and for the new credit cards that has been issued is creeping close to above 24.5% APR and that kind of interest just compounds the stress that the people, you know, Americans had already under.”
On , May Chan, Senior Vice President, General Counsel, Secretary & Sustainability Officer at CATHAY GENERAL BANCORP, spoke about credit card debt during "Improving Efficiency of Operations" with May Chan on Orange County Power Players.
About May Chan
In a September 2025 interview on the podcast "Orange County Power Players," May Chan, then serving as Chief Operating Officer of Americor, discussed the company's debt resolution services and her approach to operational leadership. Chan stated that Americor's mission is "to help families take back control of their finances," and described the company's flagship debt resolution product, which she said negotiates with creditors to reduce customers' debt by an average of 40 to 50%. She noted that since inception, Americor has enrolled over 450,000 customers and settled over $4 billion in debt. Chan also described her management style as switching between "zooming out" to align with the CEO's vision and "zooming in" to ensure execution, and identified the challenge of "how to do more with less" as a key concern for executives. Chan emphasized the importance of leadership centered on "creating trust, inspiring others and building a long-lasting relationship where people feel seen, heard, and valued." She also spoke about her personal goal to make career advancement easier for other women, noting that she had few female role models during her own career. Chan holds a master's degree in project management from the University of Wisconsin and a bachelor's degree in economics from the University of Washington, and has held senior roles at Mr. Cooper and Discover Home Loans.