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“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 »
If you’re like most borrowers, your monthly loan and credit card payments have increased, even from a few months ago, according to Experian data. As of February 2024, the average amount consumers needed to repay all of their monthly debt obligations climbed to $1,225. For each major type of loan—credit cards, auto loans and mortgages—payments
Average Monthly Payments Have Climbed in 2023 Read More »
Throughout the decade thus far, the U.S. economy has been defined by a series of shortages, which has affected virtually everything consumers could put in their baskets. From Grape Nuts cereal to personal shelter, shoppers either needed to compromise or find a substitute until supplies return. Most of those shortages are behind us now. Even
Average US Mortgage Debt Increases to $244,498 in 2023 Read More »
Consumers in the United States owed $17.1 trillion in total debt as of the third quarter (Q3) of 2023, according to Experian data. Much of that debt is secured by assets: For instance, the $11 trillion U.S. homeowners owe primarily on their residences is secured by real estate that has collectively appreciated in value by
Experian Study: Average U.S. Consumer Debt and Statistics Read More »
Experian surveyed 1,000 single and committed Generation Z and millennial consumers about dating and credit. Survey conducted January 26, 2024. Sample was collected using a third-party company and was not from Experian’s consumer credit database. Whether young people are single, in a committed relationship or married, the romantically inclined are as concerned with their potential
Survey: Here’s the Tea on Dating and Credit Read More »
Experian surveyed 1,022 consumers about how or if they track everyday activities. Survey conducted November 2, 2023. The sample was collected using a third-party company and was not from Experian’s consumer credit database. By the middle of January, many of those who made a New Year’s resolution have already broken it. According to contemporary folklore,
Survey: Tracking Financial (and Other) Resolutions Read More »
The average FICO Score in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022. It marks the 10th consecutive year that average FICO Scores in the U.S. haven’t decreased on an annual basis. The last annual decline occurred
What Is the Average Credit Score in the US? Read More »
Experian surveyed 1,012 consumers about buy now, pay later (BNPL) plans. Survey conducted November 28, 2023. The sample was collected using a third-party company and was not from Experian’s consumer credit database. It’s tempting to try to extrapolate the health of the economy from a few days of shopping after Thanksgiving Day—just ask the business
Buy Now, Pay Later Plans Go Mainstream in 2023: Experian Survey Read More »
By now, most prospective homeowners know how expensive it has become to finance a home. The typical 30-year conventional mortgage rate is north of 7.50% in October 2023, according to Freddie Mac data, 4 percentage points higher than just two years ago. And along with higher rates, home prices are still climbing as housing supply
Average Mortgage Balances Top $1 Million in These 26 Cities Read More »
Despite the rise of living alone in the 21st century, most households in the United States are still led by a married couple, according to recent U.S. Census Bureau data. But household finances are anything but homogenous in 2023, as more couples are keeping most, if not all, of their finances separate. In many cases,
Joint Accounts Are on the Decline for Couples Read More »
Experian surveyed 1,146 adults with a debit card about their views on tipping. Survey conducted September 17-18, 2023. The sample was collected using a third-party company and was not from Experian’s consumer credit database. Suffering from tipping fatigue? You’re not alone, according to a recent Experian survey of over a thousand consumers. Our survey indicates
Survey: Digital Tipping Is Everywhere, but More Are Pushing Back Read More »
Experian surveyed 847 Americans on their football-related spending. Survey conducted August 21-22, 2023. The sample was collected using a third-party company and was not from Experian’s consumer credit database. You may not have to worry about the cost of adding another streaming subscription if you tailgate on game day, but have you considered how much
Survey: What’s the Score on Consumer Spending This Football Season? Read More »
September, or August in some parts of the country, is often considered one of the busiest spending months of the year. According to the National Retail Federation (NRF), a trade organization that predicts spending at department stores and other retail outlets, back-to-school spending will produce an additional $130 billion in sales in 2023, a new
Does Back-to-School Spending Increase Credit Card Balances? Read More »
Amid a leveling off of new and used vehicle costs, rising car insurance costs have caused a flat tire for drivers hoping for relief from the financial pressure of driving. As part of a recent downward trend in inflation, gasoline prices were 25% lower in June 2023 than the same time last year, and consumers
Car Insurance Costs Are Rising: Learn Why and What You Can Do Read More »
Spare a thought for mortgage refinancing, as homeowners won’t likely see it reappear as a viable option anytime soon. Cash-out refinancing was an extremely popular way to tap home equity in the 2010s. Average rates for 30-year fixed mortgages declined steadily throughout the decade, allowing homeowners to refinance once, twice or several times. By 2018,
When Will Mortgage Refinancing Return? Read More »
America is both on the move and not—depending on which set of data one is looking at. For example, Americans are moving less often than they have in prior decades, when one looks at U.S. Census data tracking interstate migration. On the other hand, Americans are swelling the size of some cities, as new residents
How Credit Is Faring in the Fastest-Growing Large U.S. Cities Read More »
Despite popular narratives to the contrary, there are still many rapidly growing metropolitan areas in the U.S. Increasing headwinds of pandemic slowdowns, inflation and housing shortages have broadly stemmed expansion, but some cities have still managed to grow their populations at healthy rates, in turn attracting employers and even more economic activity. In this analysis,
Credit Scores of the Fastest-Growing Mid-Sized Cities in the U.S. Read More »
Methodology: Experian surveyed 1,374 U.S. consumers from June 1 to 7, 2023. Topics included people’s saving and spending habits and what discrimination they have experienced. The sample was collected using a third-party company and was not from Experian’s consumer credit database. The LGBTQ+ community faces unique societal and financial challenges that can hinder achieving their
LGBTQ+ Money Survey: Attitudes, Challenges and Opportunities Read More »
Adjustable-rate mortgages, or ARMs, have started to recover from more than a decade of disinterest from both consumers and lenders. A type of mortgage that often offers lower introductory mortgage rates than conventional mortgage financing, ARMs are returning to the fold amid a sharp increase in home prices and fixed mortgage rates that began in
Adjustable-Rate Mortgages Make a Comeback Read More »
Think of all the differences in personal finance that Generation Z will soon encounter as they enter adulthood. Even setting aside the economic and social disruptions the pandemic caused for everyone, the generation coming of age today is encountering a dizzying array of new financial offerings. On top of the age-old milestones like a first
Generation Z and Credit in 2023 Read More »
