A new report reveals that high-income earners, defined as those with incomes of $150,000 or more, are increasingly struggling with debt payments on credit cards, auto loans, and mortgages. The delinquency rate among this group is near a five-year high, driven by factors like rising service costs and concerns about the future economic outlook.
Inflation, job concerns, and already high interest rates are putting the squeeze on many American consumers. Now, even high earners, defined as people with incomes of $150,000 or more, are showing signs of stress. These borrowers are increasingly having trouble meeting payments on credit cards, auto loans and mortgages.
The average VantageScore in December was 702. VantageScores range from 300 to 850, with a score below 660 considered subprime. With the cost of insured losses after California wildfires reaching an estimated $40 billion, Tavares says the increase in insurance rates could stress borrowers further. “The cost of the damage is going to spread across all consumers of those insurance companies across the country,” said Tavares.
HIGH-EARNERS INFLATION INTEREST RATES DEBT CONSUMER SPENDING
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