Smart Borrower Blog

Archive for the ‘Other Loans’ Category

Credit Card Companies Tighten Up on Qualifications

Dec 12th, 2018 @ 10:25 PM by Amber Nelson

U.S. consumers are having a harder time getting the credit they want, according to a recent report from the Federal Reserve Bank of New York, perhaps a sign that lenders are nervous about rising delinquency rates. The Fed’s “Credit Access Survey” found that credit card issuers rejected 20.8% of applications in October 2018, up 14.4% […]

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Student Loan Defaults Could Reach 40% by 2023

Nov 7th, 2018 @ 11:22 AM by Amber Nelson

U.S. student loan borrowers are defaulting at such a steep rate that on the current trajectory as many as 40% of all borrowers could be in default within the next five years, according to a report from the Urban Institute. Student loans now make up the second-largest consumer debt category. Today there are more than […]

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1/3 of Americans Use Credit Cards for Home Renovations

Oct 26th, 2018 @ 3:38 PM by Amber Nelson

Even though Americans now have more home equity collectively than ever before, very few are tapping into that equity to pay for their home renovations, with more than a third charging their home expenses to a credit card. According to a study conducted by web site Houzz and Synchrony Financial, 36.4% of all renovation purchases […]

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Average Credit Scores Hit Record High

Oct 17th, 2018 @ 9:24 PM by Amber Nelson

Americans are figuring out how to manage their credit, it would seem. New data from Fair Isaac & Co. (FICO) shows that the average FICO score rose this year to an all-time of 704, up 4 points from 2018. The average score has risen for the past 8 straight years, climbing from a low of […]

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Top 5 Best and Worst States at Managing Debt

Sep 19th, 2018 @ 9:57 PM by Amber Nelson

Researchers have found a wide spread between the states where residents pay off their debts well versus those that don’t. Financial website Credible conducted a survey of over 540,000 borrowers from across all 50 U.S. states and found that credit card bills and student loans along with high housing costs are what keep many Americans from […]

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Consumer Household Debt Tops Record High

Aug 16th, 2018 @ 8:31 PM by Amber Nelson

Americans now have more debt than ever before, according to data from the Federal Reserve Bank of New York, but serious delinquency rates have remained near historic lows. Total U.S. household debt now amounts to $13.29 trillion as the of the 2018 second quarter, up 0.6% from the first quarter. This marks the 16th straight quarterly […]

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Credit Card Interest Rates Post 18-Year High

Jun 27th, 2018 @ 3:05 PM by Amber Nelson

American consumers are paying higher interest rates on their credit cards than they have in roughly 18 years, according to data from LendingTree.com, and they may pay even more before the end of the year. The average credit card rate today is 15.3%, based on information from LendingTree.com’s CompareCards.com, the highest level since 2000. Back […]

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Average Credit Card Debt Tops 6-Year High

May 10th, 2018 @ 9:01 PM by Amber Nelson

Americans are using their credit cards and spending more today than they have in years, according to data from consumer credit reporting agency TransUnion, and credit card delinquencies are at 6-year high. Total active U.S. credit cards accounts rose to 416.5 million, up 2.6% in the first quarter of 2018 from a year earlier. The […]

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4th Quarter Consumer Delinquencies Fell to Record Levels

Apr 11th, 2018 @ 7:44 PM by Amber Nelson

Delinquency rates across a broad-range of loan categories decreased in the 2017 fourth quarter, according to the American Bankers Association, a sign that the growing economy is helping consumers stay on top of their debt. The ABA’s Consumer Credit Delinquency Bulletin showed that delinquencies – loans that are more than 30 days past due – in […]

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2017 American Credit Card Debt Hit 10-year High

Mar 29th, 2018 @ 8:36 AM by Amber Nelson

U.S. consumers added more charges to their credit cards last year than they have in over a decade, accord to a new survey by personal finance website WalletHub. And even though charge-offs rates remain low, reaching such lofty debt heights does not bode well for Americans. Consumers added $92.2 billion in debt to their credit cards […]

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