Smart Borrower Blog

Archive for the ‘Other Loans’ Category

Auto Loan Delinquencies Rise in 3rd Quarter

Jan 31st, 2018 @ 8:57 PM by Amber Nelson

American borrowers fell behind on their car payments in greater numbers during the 2017 third quarter, according to new data from the American Bankers Association. And yet, delinquencies in many other loan categories fell, giving mixed signals about the strength of American consumer finances. The ABA Consumer Credit Delinquency Bulletin revealed that delinquencies rose in 5 […]

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American Credit Card Debt Up 8% over 2016

Dec 16th, 2017 @ 11:42 PM by Amber Nelson

Even as the economy makes incremental strides forward, American credit card debt moves higher, with an 8% increase in 2017 over the previous year, according to a new survey. The 2017 NerdWallet household debt study  found that total U.S. credit card debt rose to $905 billion for this year, with an average balance of $15,654 […]

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Consumer Credit Debt Grows at Fastest Pace in 12 Months

Nov 8th, 2017 @ 6:40 PM by Amber Nelson

U.S. consumer borrowing jumped up in September, according to data from the Federal Reserve, fueled by a surge in auto sales and student loans. Total consumer credit debt rose $20.8 billion in September, or at a 6.6% annualized rate to $3.79 trillion in all. That is the fastest pace since November 2016. September’s growth exceeded […]

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Payday Loans Meet Stricter Regulation

Oct 25th, 2017 @ 9:13 AM by Amber Nelson

Payday lenders will now be more limited in how they can structure their short-term personal loans, based on a new rule from the Consumer Financial Protection Bureau. This could have serious financial impacts on the 12 million borrowers who take out payday loans annually as well on the lenders who make those loans. A payday […]

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A Quarter of Americans Have Carried Credit Card Debt for 5+Years

Oct 4th, 2017 @ 7:59 PM by Amber Nelson

Many Americans have trouble paying off their credit card bill each month, and according to a new survey by almost one out of four have been having that trouble for five years or more. The survey, conducted by phone with 2,005 adults, found that 43 percent have carried a credit card balance for more […]

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American Household Debt Reaches All-Time High

Aug 23rd, 2017 @ 1:26 PM by Amber Nelson

Americans increased their debt loads enough for a record high in the second quarter, according to a new report from the Federal Reserve Bank of New York, with credit card delinquencies rising enough to cause concern. Total U.S. household debt rose to $12.48 trillion during the months of April, May and June, an increase of […]

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Millennials Treat Credit Cards Differently Than Their Parents

Jul 26th, 2017 @ 9:47 PM by Amber Nelson

The millennial generation – those between the ages of 18 and 29 – have watched their parents financial habits, and are doing things differently in many cases, especially when it comes to credit cards. First of all, a majority (67%) of Millennials do not even have a credit card account. Perhaps that has something to […]

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Student Loan Delinquencies Outpace All Others

Jun 21st, 2017 @ 9:30 PM by Amber Nelson

While auto loan and credit card delinquencies are on the rise, they are extremely low compared to the rapid increase of student loans falling into delinquency. According to the Federal Reserve Bank of New York’s latest U.S. Economy in a Snapshot, “flows into serious delinquency for all loan types except student loans peaked during the […]

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Federal Reserve Raises Rates to 9-Year High

Jun 15th, 2017 @ 8:49 PM by Amber Nelson

The Federal Reserve increased its target interest rate to a range of 1 percent to 1.25 percent Wednesday, the first time in nine years the rate has been over 1 percent. The rise could affect everything from credit card rates to mortgage loans to savings rates. As promised, the Fed raised rates for the second […]

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Credit Card Spending, New Accounts Surge in Fourth Quarter

May 10th, 2017 @ 9:05 PM by Amber Nelson

American consumers now carry a total of $779 billion in debt on their credit cards, with spending increasing across all credit-tiers, and yet experts say that debt is being managed pretty well. During the fourth quarter of 2016, monthly credit card spending rose 5.1 percent among subprime borrowers on a yearly basis, according to the […]

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