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True Accord
OCTOBER 10, 2023
Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. trillion in Q2, a 4.6%
Collection Industry News
DECEMBER 21, 2022
News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more.
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Credit Corp
JUNE 27, 2021
If you need some extra motivation to increase your credit score or are curious what a high credit score will mean for you, here are the unexpected benefits of a good credit score. According to Forbes, consumers owed $323 billion on personal loans in 2020. 35% of your credit score is based on Payment History.
Fico Collections
AUGUST 29, 2022
As shown in figure 3, recent missed payments are up most notably on bankcards , followed by auto loans. All these factors have led to missed payments and/or ramped up debt levels in 2022 for millions of consumers, including those who may be using credit cards and personal loans as a financial lifeline to cover living expenses. . .
Credit Corp
SEPTEMBER 13, 2023
Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.
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