TransUnion says its latest forecast indicates delinquency rates for credit cards and personal loans could surge next year to highs not seen in more than a decade.
IWF Center for Economic Opportunity director Patrice Onwuka discusses the stunning drop of $13.5 trillion in household wealth this year on"Fox Business Tonight."
will climb to 2.6% over the next 12 months, up from 2.10% this year, and unsecured personal loan delinquency rates are expected to reach 4.3%, up from 4.10%. TransUnion said delinquency rates for those categories have not reached that level since 2010. "Rapidly increasing interest rates and stubbornly high inflation combined with recession fears represent the latest in a series of significant challenges consumers have faced in recent years," said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion. "It’s not surprising then to see pronounced increases in delinquency rates for credit card and personal loans, two of the more popular credit products.
"a contributor to that is that there was so much stimulus money that was provided to consumers that they were able to use – that I think they probably got kind of used to having – that when it came time that they had used quite a bit of it and start depleting that savings … they weren't able to pay all of their credit cards like they used to be able to.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here are some of Credit Suisse's top stock picks heading into 2023Credit Suisse has refreshed its list of top U.S. stock picks.
Read more »
Four-star 2023 Quarterback Lincoln Kienholz Commits to Ohio State, Flips from WashingtonBOOM Four-star 2023 quarterback Lincoln Kienholz commits to Ohio State, becoming only the second-ever player from South Dakota to commit to the Buckeyes.
Read more »
Meilleurs pneus d’hiver pour voitures 2022-2023 | Guide | Auto123On est en pleine saison de neige ☃️, avant d'acheter vos pneus d'hiver voici quelques informations à savoir : 🌐📲 pneus pneuhiver automobile We're in the middle of the snow season ☃️, before you buy your winter tires here's some information to know
Read more »
China will regulate AI-generated content with a new set of regulationsThe rules will go into effect starting in 2023.
Read more »
2023 NBA Draft Big Board: Biggest Risers and FallersNBA draft big board: Anthony Black and Jett Howard continue to rise in JeremyWoo’s prospect rankings
Read more »