Household debt

New Edelman Financial Engines Research Finds More Americans in 2023 Require Above $1 Million to Feel Wealthy

Retrieved on:

Wednesday, December 6, 2023

Similar to 2022, very few Americans in 2023 consider themselves wealthy.

Key Points:

Similar to 2022, very few Americans in 2023 consider themselves wealthy.
The difference is highest for those in their 40’s where the amount to be worry-free ($2.69 million) peaks at nearly $1 million more than what it takes to feel wealthy ($1.73 million).
1The 2023 Everyday Wealth in America research was conducted for Edelman Financial Engines by Greenwald Research.
Information was gathered through an online survey of 2,022 Americans who were at least 30 years old, from August 28 to September 8, 2023.

Prodigal Provides the Surprising Reasons Behind Consumer Delinquencies and Missed Payments: Stories From More than 250 Million Consumer Finance Interactions

Retrieved on:

Wednesday, May 31, 2023

Organization, The Motley Fool, Household debt, TransUnion, USA Today, Federal Reserve Bank of New York, Common, Self storage, Bank, Credit, The Prodigal

TransUnion predicts that over the course of 2023, serious credit card delinquencies will rise by 24% to levels not seen since 2010.

Key Points:

TransUnion predicts that over the course of 2023, serious credit card delinquencies will rise by 24% to levels not seen since 2010.
Prodigal is the pioneer of consumer finance intelligence, using AI to support borrowing and lending organizations in improving processes and customer experience.
Having analyzed over 250 million consumer finance calls, Prodigal has a unique ability to deliver insight about individual borrowing and repayment, and in the case of consumer delinquencies, that insight upends traditional thinking.
A random sample of calls from two of Prodigal's largest customers offers surprising insight into the reasons consumers become delinquent.

Q1 2023 US Consumer & Credit Card Debt Statistics Report

Retrieved on:

Wednesday, May 24, 2023

Delinquent, Yoy, Household debt, Credit history, Data analysis, Credit, Table, SAN, Self storage, Mobile phone, Bank, Security (finance)

SAN FRANCISCO , May 24, 2023 /PRNewswire-PRWeb/ -- The 2023 US Consumer & Credit Card Debt Statistics Report is an original analysis of Q1 2023 New York Fed's primary data sources, that features 50+ financial statistics accompanied by 17 original interactive charts and tables. Here are some of the key statistics included in the report:

Key Points:

The 2023 US Consumer & Credit Card Debt Statistics Report is a data analysis of the most recent New York Fed's 2023 Household Debt and Credit Report.
The report contains 50+ statistical facts for Q1 2023 and 17 interactive charts.
SAN FRANCISCO , May 24, 2023 /PRNewswire-PRWeb/ -- The 2023 US Consumer & Credit Card Debt Statistics Report is an original analysis of Q1 2023 New York Fed's primary data sources, that features 50+ financial statistics accompanied by 17 original interactive charts and tables.
Here are some of the key statistics included in the report:
36.63 M loan accounts were added to the economy since 2022, a 4.94% increase
The most indebted age group was 40-49-year-olds, with $4.39 Trillion in deb
Credit card debt reached $0.99 T in Q1 2023, up 17.38% compared to Q1 2022
Credit card limits are at $4.51 T, their highest level ever
35.76 million new credit card accounts were created between 2022 and 2023, a 6.7% increase
Student loans debt reached $1.6 T in Q1 2023, up a mere 0.88% YoY, the lowest increase among all other household debt categories
The allocation of student debt to the age group 18-29 is 29.6%, while in 2020, it was 35.3%
Student loan delinquent loans fell to only 0.67% in 2023, down by 86% compared to 2022
Mortgage debt reached $12.04 T in Q1 2023, up 7.7% YoY
Mortgage debt had a delinquency rate of 0.44% in 2023, the lowest of any other debt type
Auto loan debt reached $1.56 T in Q1 2023, up 6.26% YoY
Auto loan delinquency rates were 3.89% in 2023, down by 3% compared to 2022
Personal & Payday loans debt reached $0.51 T in Q1 2023, up 13.78% YoY
Personal loan delinquency rates were 7.67% in 2023, up by 8% compared to 2022
Read the complete Credit Report with the 17 interactive charts here: https://financer.com/us/blog/american-credit-card-debt-statistics/
Q1 2023 US credit report reveals a historically high 50% YoY increase in transition to serious credit card delinquency.

Consolidated Credit Celebrates 30 Years with Free Webinars on Inflation and Financial Stability

Retrieved on:

Tuesday, January 10, 2023

Consolidated Credit Union Place, A New Year, Holiday, Education, Household debt, Corporate communication, Pressure, Credit, Expert, EST, Bank

FORT LAUDERDALE, Fla., Jan. 10, 2023 /PRNewswire/ -- Consolidated Credit wants Americans to learn smart money management, how to pay down debt, and budget better in the new year. The non-profit organization is helping consumers assess and repair their finances with monthly financial education webinars.

Key Points:

Monthly webinars help people deal with debt, learn how to budget, and save money during times of high inflation.
The non-profit organization is helping consumers assess and repair their finances with monthly financial education webinars.
"Each of our educational webinars are created by experts to address current financial events and help people find the best solutions for them."
All webinar content in English and Spanish will be on-demand at Consolidated Credit's Financial Resource Center following the live broadcast.

OnPoint Community Credit Union and GreenPath Help Members Tackle Debt and Achieve Financial Wellness

Retrieved on:

Thursday, June 9, 2022

PORTLAND, Ore. , June 9, 2022 /PRNewswire/ -- With household debt rising, OnPoint Community Credit Union announced a new partnership with a leading non-profit financial counseling organization. Together with GreenPath Financial Wellness, OnPoint will provide members with confidential and complimentary one-on-one financial counseling, debt management services and financial education resources.

Key Points:

PORTLAND, Ore., June 9, 2022 /PRNewswire/ --With household debt rising, OnPoint Community Credit Union announced a new partnership with a leading non-profit financial counseling organization.
Together with GreenPath Financial Wellness, OnPoint will provide members with confidential and complimentary one-on-one financial counseling, debt management services and financial education resources.
For more information, OnPoint members can call 866-294-2963 to connect with a GreenPath Financial Wellness Expert or visit the OnPoint website at www.onpointcu.com/GreenPath .
OnPoint Community Credit Union is the largest credit union in Oregon, serving over 480,000 members and with assets of $9.4 billion.

Bad credit spending habits on the rise since summer, says ScoreSense analysis

Retrieved on:

Wednesday, November 3, 2021

Technology, Travel, Behavior, Federal Reserve Bank of St. Louis, Equifax, Eviction, Unemployment, Federal Reserve Bank of New York, LLC, Credit, Solution, Household debt, Retail, Online shopping

DALLAS, Nov. 3, 2021 /PRNewswire/ -- Consumers are increasingly opening lines of credit, financing purchases, and paying late, according to a recent analysis of customer credit activity from ScoreSense , a credit score monitoring product.

Key Points:

DALLAS, Nov. 3, 2021 /PRNewswire/ -- Consumers are increasingly opening lines of credit, financing purchases, and paying late, according to a recent analysis of customer credit activity from ScoreSense , a credit score monitoring product.
Credit card usage spiked in the summer months as people began to increase discretionary spend for travel, dining, and other activities.
On the heels of an increase in credit card spending, which started trending up in March, delinquent account activity has trended upwards from June to present.
"We are beginning to see an increase in delinquent accounts, which seems to lag the increase in credit card spending.

GreedyRates Canadian Spending Report Reveals Large Household Debt Amidst Spiraling Living Costs

Retrieved on:

Thursday, February 4, 2021

Debt, Household debt, Child care

The report highlights an array of statistics about the rising costs of housing, childcare, food, and travel, while debt among the Canadian population significantly rises

Key Points:

The report highlights an array of statistics about the rising costs of housing, childcare, food, and travel, while debt among the Canadian population significantly rises
OTTAWA, ON, Feb. 4, 2021 /PRNewswire/ -- Greedyrates , a leading personal finance site, has released a report examining the past decade of Canadian spending habits.
The report found that Canadians are feeling overwhelmed as burgeoning debt looms over the population and the rising costs of housing, childcare, food, and travel is heavily contributing to Canadian normalization of a dependence on debt.
The report found that the measure of household debt to disposable income now stands at 155%.
With a record-setting amount of household debt, the report found that many Canadians are living paycheck to paycheck a reality primarily due to childcare expenses becoming increasingly burdensome, the weakening Canadian dollar, and the rising food costs of meat, fruits, and vegetables.

LendingArch Expands Footprint Further into the United States, Helps Americans Lower Their Credit Card Debt

Retrieved on:

Wednesday, January 27, 2021

Money, Debt, Finance, Economy, Credit card debt, Credit card, Credit, Consumer debt, Household debt

LendingArch's Consumer Debt Division is focused in on helping Americans lower or eliminate their Credit Card Debt to manageable levels, so that Americans can continue to "balance the books" within their own households, and not worry about the burden and pressure of being overloaded with debt.

Key Points:

LendingArch's Consumer Debt Division is focused in on helping Americans lower or eliminate their Credit Card Debt to manageable levels, so that Americans can continue to "balance the books" within their own households, and not worry about the burden and pressure of being overloaded with debt.
"We are able to help any American with over $10,000 in Credit Card Debt attain a more manageable debt level in order to re-balance their expenses and lower the stress of being in heavy debt".
According to recent studies, Americans have a total of $415 Billion in Credit Card debt, and with the current pandemic, many out of work Americans have had to rely on their credit cards to extend basic living expenses while they find work or obtain government assistance.
"In addition to helping Americans with their Credit Card debt, we will be offering many financial products that Americans will be needing to get through the pandemic and its aftermath.

Differences in financial health increase among consumers across Europe amidst second wave of the pandemic

Retrieved on:

Monday, January 4, 2021

Financial literacy, OECD, Household debt, Finance, Economy, Articles

While pre-existing household debt and financial instability has been aggravated by the pandemic in southern Europe, stimulus measures appear to have protected household incomes in countries like Germany.

Key Points:

While pre-existing household debt and financial instability has been aggravated by the pandemic in southern Europe, stimulus measures appear to have protected household incomes in countries like Germany.
The Intrum Financial Wellbeing Barometer is a tool developed to measure and compare the Financial Wellbeing of European Consumers across 24 European markets.
We term `Financial Wellbeing' as having the financial security to meet everyday spending needs and be in control of one's finances.
Financial literacyrefers to the extent to which consumers understand basic financial terms and calculations.

If You Open It, They Will Come: BMO Economics Releases Canadian Consumer Outlook

Retrieved on:

Friday, December 11, 2020

Money, Debt, Inflation, Finance, Household debt, Bank of Montreal, Economy

"Canadians' financial health is highlighted by a mountain of $150 billion in excess savings," said Doug Porter, Chief Economist, BMO Financial Group.

Key Points:

"Canadians' financial health is highlighted by a mountain of $150 billion in excess savings," said Doug Porter, Chief Economist, BMO Financial Group.
We look for spending to rebound almost 6 per cent in 2021, and by more than 7 per cent when inflation is factored in."
"The household debt-to-income ratio has taken a big step back this year after hovering near all-time highs" stated Mr. Porter.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, inNorth America.