New analysis in our Making Ends Meet survey series shows that consumers’ finances improved during the pandemic as pandemic policies kept consumers who lost their jobs from suffering financial hardship. But some pandemic-related flexibilities and forbearance programs failed to reach many consumers facing hardship.
If you have an adjustable-rate mortgage, reverse mortgage, HELOC, student loan, or credit card, your interest rate may be based on the LIBOR index, which is being discontinued. Here’s how to stay vigilant of changes to your index.
Credit access declined during the pandemic for credit cards, but increased for mortgages and auto loans
This post is the fifth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Access to new credit cards has decreased, but access to mortgages and auto loans has increased since the start of the pandemic.
This post is the fourth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Credit card limits stagnated or declined for most credit score groups early in the pandemic, but have been rising in recent months. Despite a spike in accounts closed by creditors at the start of the pandemic, accounts are not being closed at unusual rates.
This post is the third in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. The economic disruption of the pandemic does not appear to have caused consumers to run up large credit card balances. The opposite seems to be the case, since April 2020, credit card balances and utilization rates have continued to decline, and the share of credit card borrowers that carry a balance rather than pay in full have also declined.
This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Since July 2020, consumers have transitioned out of assistance to varying degrees across all credit products, but a significant share of mortgage borrowers continue to receive assistance.
New Bureau research examines consumer credit trends through April 2021, finding little increase in delinquencies on credit cards, auto loans, mortgages, and student loans during COVID-19. Delinquency rates also remain lower than pre-pandemic levels, likely as a result of public and private interventions.
A new analysis in our Making Ends Meet survey series looks at how consumers use payday, auto title, and pawn loans. Use of these loans is persistent from year to year. Some consumers of these loans have lower cost credit available, while others lack access to other credit.
In this update to our May 2020 report examining the effects of the COVID-19 Pandemic on credit applications, we find that credit card inquiries were still 30 percent below their pre-pandemic levels in September, while auto loans were depressed by 20 percent.
We use the Bureau’s Making Ends Meet survey to study whether financially vulnerable consumers have turned to credit card debt during the coronavirus pandemic. We find that credit card debt fell even for consumers who were financially vulnerable before the pandemic.
This report explores the prevalence of actual payment information in consumer credit reporting. Quarterly Consumer credit trends reports focus on a specific consumer financial product or issue using a longitudinal, nationally representative sample of de-identified credit records maintained by a nationwide consumer reporting agency.
If you can’t pay your credit card bill because of the coronavirus pandemic, call your credit card company and ask about financial relief. We have tips on what to ask and what your options may be.
La deuda de tarjeta de crédito durante la pandemia del coronavirus: opciones de alivio y consejos para manejarla
Si debido a la pandemia del coronavirus no puede pagar su tarjeta de crédito, llame a la compañía emisora y pregunte si cuentan con alivio financiero. Le ofrecemos consejos sobre qué preguntarles y cuáles pueden ser sus opciones.
Tips for staying on top of your finances during the coronavirus pandemic, particularly if you’ve dodged income loss or major expenses.
Consejos para que se mantenga al día con sus finanzas durante la pandemia del coronavirus, particularmente si no ha perdido sus ingresos o no ha tenido grandes gastos.
The CFPB is publishing the 2019 College Credit Card Report and releasing updated data the public can access and examine.
En estas fiestas, usted seguramente recibirá más de una oferta para abrir la tarjeta de crédito de alguna tienda. Claro, la oferta de un 20 por ciento extra, o de cero intereses si lo paga completo, puede sonar muy tentadora, pero puede tener un precio. Tenemos 6 consejos a seguir para que disfrute de los beneficios y reduzca los riesgos.
This holiday season, extra discounts with a store credit card may sound tempting, but they can come at a price. Enjoy the benefits but reduce risky credit card debt with these 6 tips.
You might have heard that LIBOR is going away. Here’s what you need to know about LIBOR and adjustable-rate loans.
LIBOR is expected to be discontinued sometime after 2021. Here is information to help consumers understand this market-wide change.
The CFPB offers four tips to help you avoid credit card fraud and protect your information.
The analysis shows that about two thirds of actively used credit card accounts carry a revolving balance. Once consumers begin to revolve, they do so continuously for about 10 months on average, with approximately 15 percent revolving continuously for two years or more. The longer a balance is revolved, the higher the chances that the consumer will continue to revolve a balance.
Mucha gente se atrasa porque no pueden hacer los pagos mensuales para pagar su deuda, además de los costos de la vida diaria. Usted no está solo. Aquí le ofrecemos pasos que pueden ayudarle a tomar el control de su deuda.
If you’ve hit a financial rough spot (and think you might miss a credit card payment) contact your creditor as soon as possible. Most will work with you to find a repayment plan that suits your current situation.
Your credit reports and scores can have a major impact on your financial opportunities. Our new credit booklet can help you better understand your credit reports and scores, learn how to correct inaccuracies, and improve your credit record over time.