Posts Tagged ‘personal loan’

Most Americans Die With Debt

Posted on August 04, 2017 by Laura Lam

You’re probably going to die with some debt to your name. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875. The data is based on Experian’s FileOne database, which includes 220 million consumers. Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by…

Consumer Delinquencies on the Rise

Posted on July 06, 2017 by Laura Lam

Delinquencies in both open- and closed-end loans rose in the first quarter of 2017, according to the ABA Consumer Credit Delinquency Bulletin released today.  The rise in closed-end delinquencies was driven by an uptick in late payments on auto loans, the report noted. The composite ratio, which tracks delinquencies in the closed-end installment loan categories, rose 5 basis points to 1.56% of all accounts, but remained well below the 15-year average of 2.17%. Delinquencies in indirect auto loans rose 8 basis points to 1.83% of all accounts, while direct auto lending delinquencies increased by 9 points to 1.03% of all accounts….

Banks Tighten Auto Loan Standards

Posted on August 04, 2016 by Laura Lam

Bankers continued tightening credit for business loans and auto loans in the last three months while they continued to ease credit standards slightly in their home mortgage and consumer loan portfolios, according to the Federal Reserve’s latest senior loan officer survey. A net 8.5% of bankers said they had tightened standards for large and mid-sized firms in the previous quarter, down from the previous report, while 7.1% said they tightened for smaller businesses, up slightly from the previous quarter. Significantly higher net percentages said they had tightened standards on a range of commercial real estate loans, with 44.3% saying they tightened…