Average US Mortgage Balance Increases as Homeowners' Credit Scores Outpace Overall Average
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Consumer credit scores in the US have experienced a decline for the first time in 10 years, according to a report by ABC Columbia . The national average credit score dropped from 718 in July to 717 in October . This one-point decrease is attributed to missed payments and higher debt levels, indicating economic stress for some US households . Over 18% of the population were late on payments on one or more credit accounts for 30 days or more in the last year . Additionally, consumer debt is higher than it was prior to the COVID-19 pandemic, with credit card balances surpassing $1 trillion . New credit activity is also slowing down .
This new information from ABC Columbia and Yahoo Finance adds a different perspective to the previous reports. While the Experian report indicated that avera...
#newstr #UsCreditScores #ConsumerDebt #MortgageBalance #FinancialStrain