More U.S. subprime borrowers are missing loan payments - News Summed Up

More U.S. subprime borrowers are missing loan payments


Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end. The share of subprime credit cards and personal loans that are at least 60 days late is rising faster than normal, according to credit-reporting firm Equifax EFX, +1.80% . Delinquencies on subprime car loans and leases hit an all-time high in February, based on Equifax’s tracking that goes back to 2007. Personal loans and lines of credit delinquencies came in at 11.3%, up from 10.4% a year prior. Car loan and lease delinquencies hit a record in February, based on Equifax’s tracking, with 8.8% of subprime accounts behind on payment by at least 60 days.


Source: Wall Street Journal May 20, 2022 06:29 UTC



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