Smart Borrower Blog

Archive for the ‘Other Loans’ Category

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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Fed Hikes Interest Rate to Highest Level in a Decade

Mar 21st, 2018 @ 8:19 PM by Amber Nelson

With the economy pushing forward, the Federal Reserve’s Federal Open Market Committee raised its target interest rate once again, pushing it to the highest level since 2008. During its March 21 meeting, the Fed increased its federal funds rate to 1.75%, up from 1.5%. Rates still remain well below the historical average of 5%. “The […]

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Study: Companies That Use Business Loans From the Start Are More Successful

Mar 14th, 2018 @ 8:53 PM by Amber Nelson

Small businesses that borrow small business loans are much more likely to survive and be successful than those that don’t, according to a new study. Those who start funding their companies immediately with personal loans are much less likely to do well. The study was produced by finance professors Rebel Cole of Florida Atlantic University […]

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Credit Card Debt Can Make You Sick

Feb 21st, 2018 @ 10:15 PM by Amber Nelson

Americans have spent themselves into more and more credit card debt over the past decade and a new survey finds that all that debt may be hurting more than their bottom line. A survey commissioned by NerdWallet on the psychology of credit card debt, found that 2 out of 5 credit card borrowers feel debt […]

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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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