US Credit Card Defaults Soar to 14-Year High
US credit card loan defaults soared to \$46 billion in the first nine months of 2024, a 50% increase from 2023 and the highest level since 2010, disproportionately affecting lower-income households with zero savings rates, according to a Financial Times report citing BankRegData.
US Credit Card Defaults Soar to 14-Year High
US credit card loan defaults soared to \$46 billion in the first nine months of 2024, a 50% increase from 2023 and the highest level since 2010, disproportionately affecting lower-income households with zero savings rates, according to a Financial Times report citing BankRegData.
Progress
28% Bias Score
CFPB Sues Walmart, Holiday Sales Surge, Record Credit Card Debt
The CFPB is cracking down on unfair credit card practices, suing Walmart and Branch for allegedly forcing drivers into costly accounts, while holiday retail sales surged 3.8%, exceeding expectations; average U.S. credit card debt reached \$1.166 trillion.
CFPB Sues Walmart, Holiday Sales Surge, Record Credit Card Debt
The CFPB is cracking down on unfair credit card practices, suing Walmart and Branch for allegedly forcing drivers into costly accounts, while holiday retail sales surged 3.8%, exceeding expectations; average U.S. credit card debt reached \$1.166 trillion.
Progress
16% Bias Score
Record US Holiday Spending Amidst Rising Consumer Debt
US holiday spending is projected to reach a record $979.5 billion to $989 billion despite record-high credit card debt, with 36% of consumers incurring an average of $1,181 in debt this season, driven by high prices and inflation.
Record US Holiday Spending Amidst Rising Consumer Debt
US holiday spending is projected to reach a record $979.5 billion to $989 billion despite record-high credit card debt, with 36% of consumers incurring an average of $1,181 in debt this season, driven by high prices and inflation.
Progress
40% Bias Score
Soaring Senior Debt: A Growing Threat to Retirement Security
Older Americans hold over \$1.63 trillion in debt, more than double a decade ago, reflecting insufficient retirement savings and rising healthcare costs, impacting their financial well-being and necessitating targeted policy interventions.
Soaring Senior Debt: A Growing Threat to Retirement Security
Older Americans hold over \$1.63 trillion in debt, more than double a decade ago, reflecting insufficient retirement savings and rising healthcare costs, impacting their financial well-being and necessitating targeted policy interventions.
Progress
52% Bias Score
US Credit Card Debt Reaches \$1.17 Trillion Amidst Record-High Interest Rates
US credit card debt hit \$1.17 trillion in Q3 2024, up \$30 billion from Q2, averaging \$8,000 per cardholder, driven by record-high interest rates and increasing delinquencies, highlighting the urgent need for effective debt management strategies.
US Credit Card Debt Reaches \$1.17 Trillion Amidst Record-High Interest Rates
US credit card debt hit \$1.17 trillion in Q3 2024, up \$30 billion from Q2, averaging \$8,000 per cardholder, driven by record-high interest rates and increasing delinquencies, highlighting the urgent need for effective debt management strategies.
Progress
40% Bias Score
Debt Relief Options for Bad Credit
Individuals with bad credit can use debt management plans, alternative debt consolidation loans, debt settlement programs, or self-managed hardship plans to address high-interest credit card debt; each offers different benefits and drawbacks impacting credit scores.
Debt Relief Options for Bad Credit
Individuals with bad credit can use debt management plans, alternative debt consolidation loans, debt settlement programs, or self-managed hardship plans to address high-interest credit card debt; each offers different benefits and drawbacks impacting credit scores.
Progress
28% Bias Score
Sanders to Introduce Bill Capping Credit Card Interest Rates at 10%
Senator Bernie Sanders will introduce legislation to cap credit card interest rates at 10%, echoing a campaign promise by President-elect Trump, amidst $1.17 trillion in US credit card debt and average interest rates at 24.43% in December 2024.
Sanders to Introduce Bill Capping Credit Card Interest Rates at 10%
Senator Bernie Sanders will introduce legislation to cap credit card interest rates at 10%, echoing a campaign promise by President-elect Trump, amidst $1.17 trillion in US credit card debt and average interest rates at 24.43% in December 2024.
Progress
48% Bias Score
Record Holiday Spending Masks Mounting US Credit Card Debt
US holiday spending is projected to hit a record high between $979.5 billion and $989 billion despite record credit card debt; 36% of consumers used credit cards this season, incurring an average debt of $1,181, up from $1,028 in 2023.
Record Holiday Spending Masks Mounting US Credit Card Debt
US holiday spending is projected to hit a record high between $979.5 billion and $989 billion despite record credit card debt; 36% of consumers used credit cards this season, incurring an average debt of $1,181, up from $1,028 in 2023.
Progress
52% Bias Score
Home Equity Loans: A More Affordable Borrowing Option
Currently, home equity loans offer an average interest rate of 8.4%, significantly lower than credit cards (over 23%) and personal loans (over 12%), leading to substantial savings for borrowers; a $50,000 10-year home equity loan at 8% results in approximately $14,000 less in interest than a compara...
Home Equity Loans: A More Affordable Borrowing Option
Currently, home equity loans offer an average interest rate of 8.4%, significantly lower than credit cards (over 23%) and personal loans (over 12%), leading to substantial savings for borrowers; a $50,000 10-year home equity loan at 8% results in approximately $14,000 less in interest than a compara...
Progress
60% Bias Score
Record High US Credit Card Debt: \$1.17 Trillion and Rising
American credit card debt has reached a record \$1.17 trillion, with average debt per cardholder nearing \$8,000, driven by inflation and high interest rates averaging above 23%; many cardholders make costly mistakes in managing their debt.
Record High US Credit Card Debt: \$1.17 Trillion and Rising
American credit card debt has reached a record \$1.17 trillion, with average debt per cardholder nearing \$8,000, driven by inflation and high interest rates averaging above 23%; many cardholders make costly mistakes in managing their debt.
Progress
36% Bias Score
Auto Loan Delinquencies to Decline as Economy Improves
Auto loan delinquencies, spiking to 4.14% in 2022 after the COVID-19 pandemic, are forecast to reach 1.45% in 2024 and 1.38% by the fourth quarter of 2025, reflecting improving economic conditions and consumer finances; however, used car loan delinquencies remain higher among subprime borrowers.
Auto Loan Delinquencies to Decline as Economy Improves
Auto loan delinquencies, spiking to 4.14% in 2022 after the COVID-19 pandemic, are forecast to reach 1.45% in 2024 and 1.38% by the fourth quarter of 2025, reflecting improving economic conditions and consumer finances; however, used car loan delinquencies remain higher among subprime borrowers.
Progress
24% Bias Score
Debt Relief Options for Bad Credit
Individuals with bad credit can manage credit card debt through debt management plans, alternative consolidation loans, debt settlement programs, or self-managed hardship plans, each offering varying approaches to debt reduction.
Debt Relief Options for Bad Credit
Individuals with bad credit can manage credit card debt through debt management plans, alternative consolidation loans, debt settlement programs, or self-managed hardship plans, each offering varying approaches to debt reduction.
Progress
40% Bias Score