American Banker: More cardholders with solid credit are struggling to stay current
American Banker recently covered the rise in consumer delinquencies citing VantageScore’s September 2023 CreditGauge data. The article examines delinquency rates on consumer credit, “in most credit score buckets.”
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According to the article, “The challenges for consumers in managing their debt have long been clear among subprime borrowers. Subprime delinquency rates are significantly higher after rising sharply last year.”
But the VantageScore data shows that borrowers with prime credit scores also exhibited more signs of stress in September, with early-stage delinquency rates ticking up a bit and more borrowers being late by at least 60 days. Only super-prime consumers, who have credit scores between 781 and 850, showed some improvement.”
The article went on to quote Susan Fahy, Chief Digital Officer at VantageScore:
The uptick is “a clear sign that consumers are feeling the pressure of inflation and rate hikes,” Susan Fahy, chief digital officer at VantageScore, said in a press release.
VantageScore CreditGauge is a monthly analysis of U.S. consumer credit health.
Read the full story: More cardholders with solid credit are struggling to stay current
To review the full September 2023 CreditGauge report, please visit: VantageScore CreditGauge
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