Smart Borrower Blog

Archive for the ‘Credit Card Debt’ Category

One-third of Americans May Fall Behind on Credit Card Bills, Thanks to Coronavirus

Mar 28th, 2020 @ 9:00 PM by Amber Nelson

With millions of Americans ordered to stay at home during the coronavirus outbreak, many have lost jobs or seen their hours drastically reduced. The result could be that credit card debt could rise even faster, according to a new survey by WalletHub. The survey found that roughly 67 million, or almost a third of adult […]

more »

Household Debt Hits Record High $14 Trillion

Feb 19th, 2020 @ 3:17 PM by Amber Nelson

Americans now owe a total of $14.15 trillion in household debt, according to the Federal Reserve, the highest level ever recorded. Household debt grew by $601 billion in 2019, at the fastest pace since 2007, right before the financial crisis. “Mortgage originations, including refinances, increased significantly in the final quarter of 2019, with auto loan […]

more »

Student Loan Debt Continues Record High Climb

Feb 5th, 2020 @ 10:56 AM by Amber Nelson

Total U.S. student loan debt has reached a new high of $1.56 trillion this year, according to data from the U.S. Department of Education. That debt load is spread out among 44.7 million borrowers, making for an average student loan debt of $32,731. College loan debt is now the second highest consumer debt category – […]

more »

Credit Card Delinquencies Dip in 3rd Quarter

Jan 15th, 2020 @ 8:44 PM by Amber Nelson

American consumers did better at paying off their credit card debts in the 2019 third quarter, according to the American Bankers Association, but delinquencies rose on other loan categories like car loans and home equity loans. Delinquent credit card accounts made up just 2.96% in the third quarter, down from 2.98% and still well below […]

more »

Average Credit Score up 2% From 2018

Jan 8th, 2020 @ 1:33 PM by Amber Nelson

Americans improved their credit scores in 2019, according to a new report from credit reporting agency Experian, a sign that consumers are handling their debt obligations better. Experian’s annual State of Credit report found that the average U.S. credit score increased 2 points to 682. And even as Americans take on slightly more debt, delinquency […]

more »

Household Debt Hits Record High of $14 Trillion

Nov 20th, 2019 @ 10:08 PM by Amber Nelson

Total U.S. household debt rose 0.7% in the third quarter to $14 trillion, a new all-time high, according to data from the New York Federal Reserve. Household debt – including things like mortgages, credit cards, student loan – has now surpassed the previous high from 2008 by $1.3 trillion on an unadjusted basis. Most of […]

more »

Fed Makes 3rd Rate Cut in 4 Months

Oct 30th, 2019 @ 1:01 PM by Amber Nelson

The Federal Reserve cut its target interest rate again Wednesday, the fourth decrease since July. The move was likely a hedge against mounting international financial trouble and brewing domestic slowing. The new federal funds rate range is 1.5% to 1.75%, representing a cut of 0.25%. Even though the U.S. economy is still in the midst […]

more »

Average American Credit Card Debt Tops $8,600

Oct 3rd, 2019 @ 1:12 PM by Amber Nelson

Americans continue to rack up credit card debt, according to a new survey from WalletHub, bringing the new average credit card debt to $8,602 per household in the 2nd quarter, a 5% increase from the year before. U.S. consumers added $35.6 billion in new credit card loan debt in the 2nd quarter, the largest second […]

more »

Majority of Millennials Have Faced Credit Rejection

Aug 29th, 2019 @ 9:23 AM by Amber Nelson

Millennials are reporting higher rates of rejection for loans than older generations, according to a study by YouGov for Bankrate.com. The study that polled 2,500 Americans found that roughly 6 out of 10 millennials (aged 23 to 38) say they have experienced a rejected application for car loans, credit cards, or mortgage loans. Most of […]

more »

Fed Makes First Rate Cut in a Decade

Jul 31st, 2019 @ 9:17 PM by Amber Nelson

The Federal Reserve voted today to lower its target interest rate by 25 basis point to a range of 2% to 2.25%, the first rate cut in 11 years. The Fed’s Federal Open Market Committee (FOMC) found that “the [U.S.] labor market remains strong and that economic activity has been rising at a moderate rate,” […]

more »