Smart Borrower Blog

Archive for the ‘Credit Card Debt’ Category

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 […]

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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 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 […]

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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,” […]

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Wealthiest Cities Have Highest Percentage of $10,000+ Credit Card Debt

Jun 19th, 2019 @ 8:46 PM by Amber Nelson

A new report from LendingTree’s CompareCards found that cardholders are most likely to have to have five-figure credit card balances if they live in the richest and largest U.S. cities. In fact one in six borrowers in the biggest cities have credit card debt of $10,000 or more. Bridgeport, Conn. topped the list of residents […]

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Auto Lenders Take on More Subprime Borrowers

May 23rd, 2019 @ 12:13 PM by Amber Nelson

While the majority of car loan borrowers continue to have high credit scores, lenders have increased their loans to subprime borrowers over the past year, according to the Federal Reserve Bank of New York. The New York Fed’s Quarterly Report on Household Debt and Credit for the 2019 first quarter found that those with credit […]

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Car Loan, Credit Card Delinquencies Reach New Peaks

Apr 24th, 2019 @ 9:22 PM by Amber Nelson

U.S. consumers are falling behind on their credit card bills and car loans at higher rates than have been seen in almost a decade, according to data from the American Bankers Association, but that may be more of a return to historical norms rather than a sign of economic doom. After falling in 2017, in […]

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Americans Paid $113 Billion in Credit Card Interest

Apr 3rd, 2019 @ 8:53 PM by Amber Nelson

Americans are now paying almost double the amount of credit card interest as they did just five years ago. According to a study from MagnifyMoney, U.S. borrowers’ credit card interest totaled $113 billion in 2018, a 12% increase from the year before. It is predicted that consumers will pay as much as $122 billion in […]

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Household Debt Tops Pre-Recession High

Feb 20th, 2019 @ 9:58 PM by Amber Nelson

Americans owed $13.54 trillion in household debt as of the 2018 fourth quarter, according to data from the Federal Reserve Bank of New York, a 0.2% increase from the third quarter and the 18th straight quarterly gain. Total household debt has surpassed even the pre-recession peak of $12.68 trillion and is 21% higher than the […]

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Credit Card and Mortgage Delinquencies Rise in Latest Quarter

Jan 16th, 2019 @ 12:42 PM by Amber Nelson

While still well below historical averages, several categories of consumer credit delinquencies rose in the 2018 third quarter, including credit cards and home equity loans. According to data from the American Bankers Association, delinquencies increased in six of the 11 categories tracked in the ABA Consumer Credit Delinquency Bulletin. The composite ratio – a measure […]

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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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