Finance coach Jeannie Dougherty warns the decline in the average credit score of Americans is evidence of these 'uncertain economic times,' and explains what is happening.
FICO recently reported the average national credit score of Americans declined for the first time in more than a decade, and one expert says it reflects a shift in attitude toward personal finance in the U.S. "I am concerned that this drop paints the picture of uncertain economic times and a lack of individual accountability toward people’s financial futures," says financial coach Jeannie Dougherty.
Several factors are flashing signs of consumer stress. Credit card debt and overall household debt are both at all-time highs, a majority of Americans say they had to make sacrifices to pay their monthly bills last year, and delinquencies are on the rise. Dougherty attributed some of the financial stress to the pandemic, and some to societal shifts. She believes mental health and spending habits are closely linked.
lot of people would like to retreat," Dougherty told FOX Business in an interview. "I've seen that sort of as a Western mindset: 'I'm just overwhelmed. I can't do this. I'm totally traumatized, just overwhelmed.' I hear those words more often." She said that sometimes individuals know they need to improve their credit scores, but that is not their priority because they are dealing with their own survival.
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