Research

Auto Added by WPeMatico

Survey: How Consumers Feel About Holiday Shopping in 2024

Survey: How Consumers Feel About Holiday Shopping in 2024

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 Mortgage Trends in 2024

Adjustable-Rate Mortgage Trends in 2024

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 »

Survey: Consumers Juggling More Online Subscriptions

Survey: Consumers Juggling More Online Subscriptions

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 »

Credit Card Balances Are Growing the Fastest in These 20 Cities

Credit Card Balances Are Growing the Fastest in These 20 Cities

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 »

Average Mortgage Balances Exceed  Million in 47 Cities in 2024

Average Mortgage Balances Exceed $1 Million in 47 Cities in 2024

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 »

Fed Rate Cuts Will Take Time to Impact Consumers

Fed Rate Cuts Will Take Time to Impact Consumers

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 »

More Drivers Than Ever Are Making ,000+ Auto Loan Payments

More Drivers Than Ever Are Making $1,000+ Auto Loan Payments

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 »

Even as Credit Limits Tighten, Card Balances Continue to Grow

Even as Credit Limits Tighten, Card Balances Continue to Grow

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 »

Average FICO Scores Increased the Most in These 9 Cities

Average FICO Scores Increased the Most in These 9 Cities

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 »

Cities Where Millennials and Gen Z Have the Highest Credit Card Debt

Cities Where Millennials and Gen Z Have the Highest Credit Card Debt

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 »

Inflation, Wages and Credit—Are Younger Consumers Winning in 2024?

Inflation, Wages and Credit—Are Younger Consumers Winning in 2024?

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 »

Survey: Most Pet Owners Who Have Pet Insurance Say It’s Worth the Cost

Survey: Most Pet Owners Who Have Pet Insurance Say It’s Worth the Cost

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 »

State of Retail Cards and Buy Now, Pay Later in 2024

State of Retail Cards and Buy Now, Pay Later in 2024

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 »

Consumers With 1 Credit Card Have Better Credit on Average, Lower Debt

Consumers With 1 Credit Card Have Better Credit on Average, Lower Debt

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 »

Average Student Loan Debt Declines in 2024

Average Student Loan Debt Declines in 2024

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 »

Gen Z Credit Scores on the Rise Along With Debt Balances

Gen Z Credit Scores on the Rise Along With Debt Balances

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 »

Survey: Experian Finds Drivers Plan to Spend About ,000 on Road Trip Expenses

Survey: Experian Finds Drivers Plan to Spend About $1,000 on Road Trip Expenses

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 »

Survey: How Drivers Are Managing Auto Insurance Premium Increases

Survey: How Drivers Are Managing Auto Insurance Premium Increases

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 »

What Is the Average Number of Credit Cards?

What Is the Average Number of Credit Cards?

Many consumers may remember receiving their first credit card, either years ago in a plain envelope, or months ago from a smartphone app. Still other consumers may remember their newest card, maybe because it’s the credit card they’re now using exclusively to maximize cash back rewards or airline miles. But for most consumers, there’s also

What Is the Average Number of Credit Cards? Read More »

How Many Americans Have an 800 Credit Score or Greater?

How Many Americans Have an 800 Credit Score or Greater?

“Exceptional.” Depending on one’s frame of mind, the word may conjure up anything from a mint condition rookie card to possibly being asked, again, to stay after class. But in the world of credit, exceptional refers to nearly a quarter of consumers with FICO Scores of 800 or higher. Hardly an exclusive club, but a

How Many Americans Have an 800 Credit Score or Greater? Read More »

Scroll to Top