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Inflation pushing more borrowers with low FICO scores to default - study

Thursday, May 5, 2022

NEW YORK (Reuters) - Soaring inflation pushing the price up for everyday items like gas and groceries in the United States is leading consumers with low credit scores to borrow more and default on their loans more often, a study by credit agency TransUnion (NYSE:TRU) found on Wednesday.

Credit card balances and delinquency rates among non-prime borrowers--people with credit scores below 660--increased by the greatest percentage since early 2021, when inflation began to rise significantly. If high inflation persists, the study projected delinquencies could rise to about 8.4% of total credit card loans by the first quarter 2023, up from 8% in the first quarter this year.

The findings show that despite most consumers being in good financial standing thanks to robust government stimulus and wage growth, consumers with the least financial cushion are increasingly vulnerable to price shocks caused by inflation.

"Despite everything that has happened in the last two years, the consumer is in extremely good shape, but not all of them," said Charlie Wise, head of global research and consulting at TransUnion. "Averages gloss over the fact that some are struggling."

The Federal Reserve on Wednesday is expected to raise interest rates by half a percentage point as part of its effort to combat high inflation, a move that will have knock-on effects for credit card borrowers because it will increase borrowing rates.

While credit card delinquency rates remain below pre-pandemic levels for non-prime borrowers, the study found these consumers are also carrying a heavier debt burden month-to-month than in the past two years.

The average non-mortgage debt balance per non-prime consumer in the first quarter of 2022 was $22,988. That is up from $22,461 in the first quarter 2021, and also up from $22,970 in the first quarter 2020, before the pandemic began in the United States.

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18-05-2022 12:53:58 (UTC+7)

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EUR/USD

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 EUR/USD1.0538↑ Buy
 GBP/USD1.2485Sell
 USD/JPY129.16↑ Sell
 AUD/USD0.7031↑ Buy
 USD/CAD1.2818↑ Sell
 EUR/JPY136.10↑ Buy
 EUR/CHF1.0476↑ Buy
 Gold1,809.68↑ Buy
 Silver21.606↑ Buy
 Copper4.2300↑ Buy
 Crude Oil WTI111.10↑ Buy
 Brent Oil112.97↑ Buy
 Natural Gas8.286↑ Buy
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,631.50↑ Buy
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,851
SJC HCM6,825/ 6,925
(0/ 0) # 1,850
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,852
SJC Danang6,825/ 6,927
(0/ 0) # 1,852
SJC Nhatrang6,825/ 6,927
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SJC Cantho6,825/ 6,927
(0/ 0) # 1,852
Cập nhật 18-05-2022 12:54:00
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Dầu hỏa 2-K25.16025.660
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Ngoại tệMua vàoBán ra
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GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 12:49:24 18/05/2022
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