Smart Borrower Blog

Archive for the ‘Personal Borrowing’ Category

Consumer Credit is Stable…For Now

May 20th, 2020 @ 3:34 PM by Amber Nelson

The number consumer credit accounts in serious delinquency was relatively unchanged in April on a yearly basis, according to a new TransUnion report, but the numbers may not represent the full situation. During April 2020, credit card delinquencies of 90 days or more rose to 1.87%, from 1.78% the year before. Serious delinquencies on mortgages […]

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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 […]

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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 […]

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25% of Debtors Benefit from a Personal Loan

May 8th, 2019 @ 8:48 PM by Amber Nelson

A new study from TransUnion found that one in four people who take out a small personal loan after falling behind in their other debts are able to catch up and get current on all payments within a year. Of course, the flip side to that statistic is that the majority – 75% – of […]

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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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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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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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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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Subprime Auto Default Could Lead to Other Defaults

Apr 19th, 2017 @ 8:57 PM by Amber Nelson

Roughly 17 percent of U.S. consumers believe they will default on an auto loan payment over the next 12 months, fueling concerns that defaults on subprime auto loans are affecting more of the economy than predicted. According to a new survey from the UBS Evidence Lab, only about 16 percent of all current car loans […]

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Online Loan Market Shows Signs of Weakness

Nov 16th, 2016 @ 1:09 PM by Amber Nelson

Roughly $650 million in online loan securities have or are expected to reach dangerously high levels of default, according to Bloomberg. This latest news is just one of several signs that there is a growing credit weakness in the online lending market. Bloomberg reported that Avant Inc. has already had two of its large online […]

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