As Americans increasingly lean on credit to make ends meet, new reports show some signs of potential problems ahead.
chief financial analyst at Bankrate
"People aren't financing purchases at 20% because they have other options," said Greg McBride, chief financial analyst at Bankrate. "They're doing that because it's their only option."that was hovering around 4.3% in June — well below a decades-long average of roughly 8.9% — "I think it is painting a picture of an economy in which inflation has taken its toll on households," Sedunov said.
"Like the overall population, many Gen Z borrowers are facing the same financial challenges brought on by high interest rates and inflation," said Michele Raneri, vice president of U.S. research and consulting at TransUnion. "As a result, they are tapping into these available credit products to help them cope with rising expenses."
"The increase in delinquencies over the past several quarters is something to monitor," Raneri added. Already, lenders have started to restrict access to less-experienced credit users, she said."It's still a tremendous opportunity to grab a 0% balance transfer card," McBride said.
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