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For many consumers, 2024 was a mixed bag of pluses and minuses when it came to credit. Many borrowers with lower fixed-rate mortgages considered themselves lucky and resisted the urge to move or sell. Others, like those straining under the size of their credit card and car payments, endured record-high credit card APRs and car […]
Experian 2024 Consumer Credit Review Read More »
While the majority of drivers still finance their vehicle with a loan, a share of drivers in the U.S. choose to lease. Leasing has a few advantages over buying, such as more manageable payments and warranty coverage, but some of the advantages afforded to drivers who prefer leasing to buying are disappearing in 2024. According
Average Auto Lease Payment Climbs to $638, Slightly Less Than Loan Cost Read More »
Experian surveyed 1,002 consumers to see how they felt coming into the holiday season and how they were planning to spend. Survey conducted September 25 through October 1, 2024. The sample was collected using a third-party company and was not from Experian’s consumer credit database. The holidays may be a time for family, friends and
Survey: How Consumers Feel About Holiday Shopping in 2024 Read More »
Adjustable rate mortgages, or ARMs as they’re commonly known, are about as popular as stick-shift automobiles these days. Given that ARMs are commonly used to secure a lower interest rate—at least for a time—many economists would suggest that this lack of popularity shouldn’t be the case. That’s especially true now that mortgage rates have increased
Adjustable-Rate Mortgage Trends in 2024 Read More »
Experian surveyed 761 consumers about their bill-paying habits on October 3, 2024. The sample was collected using a third-party company and was not from Experian’s consumer credit database. With apologies to Destiny’s Child, “Bills, Bills, Bills” have only gotten worse since the group’s No. 1 single lit up the FM band 25 years ago, according
Survey: Consumers Juggling More Online Subscriptions Read More »
Consumer spending habits are an important measure of economic activity, but these trends are not necessarily in lockstep nationwide. One way to observe where consumers are spending more than they did last year is by looking at the debt they’re carrying. This includes their credit card balances as well as the total amount of minimum
Credit Card Balances Are Growing the Fastest in These 20 Cities Read More »
With mortgage rates hovering around 7% for much of the past year and home prices stubbornly remaining high, more borrowers are taking on mortgages in excess of $1 million. Compared to last year, the number of cities where average mortgage balances exceed $1 million has mushroomed, from 26 cities in 2023 to 47 cities in
Average Mortgage Balances Exceed $1 Million in 47 Cities in 2024 Read More »
The world’s worst-kept secret is out: The Federal Reserve is expected to cut its key lending rate beginning this September. While it remains to be seen how many more rate cuts will occur, the consensus appears to be another two or three quarter-point cuts by the end of the year. These cuts are more likely
Fed Rate Cuts Will Take Time to Impact Consumers Read More »
If you’re in the market for a car in 2024, you’ll have plenty to choose from at a dealership near you—something that couldn’t be taken for granted just a few years ago. Nonetheless, while supply of both new and used vehicles on U.S. dealer lots have returned to historically normal levels, the price of driving
More Drivers Than Ever Are Making $1,000+ Auto Loan Payments Read More »
An overview of the consumer credit card landscape shows that while credit card balances have grown in recent years, the average amount of credit extended to consumers hasn’t kept up with that spending growth. Average credit card limits have grown 4.4% annually since 2022, but spending has grown at nearly twice that rate, from an
Even as Credit Limits Tighten, Card Balances Continue to Grow Read More »
Credit scores are up over the past five years at the national level as well as in every U.S. state and metropolitan area, according to a new review of anonymized and aggregated Experian data. From 2019 to 2024, the average FICO Score in the U.S. increased from 703 to 715, and also increased for each
Average FICO Scores Increased the Most in These 9 Cities Read More »
Credit card balances are increasing for just about everyone, but younger consumers are seeing average balances spike faster than others, Experian data shows. As of June 2024, average credit card balances for millennials have grown by 8.7% to $6,819 and by 8.2% to $3,407 for Generation Z consumers annually, outpacing the balance growth among older
Cities Where Millennials and Gen Z Have the Highest Credit Card Debt Read More »
Since 2022, the costs consumers bear have risen significantly. This is the case not only for consumer goods including food and shelter, but for interest payments on their debts as well. Nonetheless, consumer credit markets remain healthy, according to an Experian analysis of data from the second quarter (Q2) of 2024. With unemployment still near
Inflation, Wages and Credit—Are Younger Consumers Winning in 2024? Read More »
Experian surveyed 1,279 U.S. adult consumers to gather opinions on pet insurance. Survey conducted July 3, 2024. The sample was collected using a third-party company and was not from Experian’s consumer credit database. Pets provide comfort and companionship, but they can also be a big financial responsibility. Emergency veterinary surgery can run anywhere from $1,500
Survey: Most Pet Owners Who Have Pet Insurance Say It’s Worth the Cost Read More »
Much was noteworthy about higher interest rates for everything consumers financed in 2023. But one figure that got less notice was the interest rates of store credit cards, a type of credit card that remains a department store staple. In 2023, typical interest rates on some retail credit cards climbed above 30%—rates previously reserved for
State of Retail Cards and Buy Now, Pay Later in 2024 Read More »
Minimalism has been sparking joy for more than a decade. Multiple international best sellers and Netflix productions on decluttering, along with plenty of TikToks, all suggest that the multibillion-dollar less-is-more industry is more than a passing fad. With that in mind, Experian explored what exactly the financial version of minimalism might look like. We looked
Consumers With 1 Credit Card Have Better Credit on Average, Lower Debt Read More »
Despite student loan repayments on federal student loans resuming late last year, there’s much that’s still up in the air with student loan debt. Some loans have been forgiven, and more than a few borrowers have received incomplete, contradictory or confusing information about their loans. With that large caveat, average student loan balances are continuing
Average Student Loan Debt Declines in 2024 Read More »
The media is having a hard time nailing down the financial vibes of the youngest generation of consumers—Gen Z. You might see Gen Z described as financially unsure and insecure, knee deep in debt or even more spendy and carefree than the avocado toast generation that preceded them. Despite the commentary, however, Experian data shows
Gen Z Credit Scores on the Rise Along With Debt Balances Read More »
If you’re taking your car on a road trip this summer, whether it’s across the country or on a more local journey over blue highways, you’ve probably budgeted for gas, tolls and accommodations. According to Experian’s pre-Memorial Day survey of 1,008 insured drivers planning a road trip, not all drivers are approaching the summer driving
Survey: Experian Finds Drivers Plan to Spend About $1,000 on Road Trip Expenses Read More »
Experian surveyed 1,018 consumers about their auto insurance policies. Survey conducted May 13, 2024. The sample was collected using a third-party company and was not from Experian’s consumer credit database. If you’re behind the wheel in 2024, you already know how expensive driving has gotten. Not just because of the monthly payment and the price
Survey: How Drivers Are Managing Auto Insurance Premium Increases Read More »