Consumers want credit products despite high interest rates: TransUnion
Consumers’ access to credit is expanding as their appetite for debt soars, according to a recent TransUnion report. (iStock) A recent report from TransUnion found that the high interest rate environment has done little to reduce demand for credit products. According to the report, there will be more than 543 million bank cards in consumers’ […]
TransUnion to cut 1,300 jobs as part of multiyear plan to reduce costs, drive growth
Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, discusses the Democratic Party’s political and economic challenges, green energy, and market trends. As part of a plan to cut costs and fund growth, TransUnion announced it will cut its workforce by 10%, or about 1,300 jobs, the consumer credit reporting agency said Wednesday. The company expects […]
Consumers are turning to personal loans to pay off credit card debt: TransUnion
Americans who took out a personal loan to consolidate credit card debt saw their credit scores increase by an average of 18 points. (iStock) Amid rising interest rates and stubborn inflation following the COVID-19 pandemic, Americans have taken on debt, and many are turning to personal loans to pay it off, according to the latest […]
Gen Zers credit card balances grow the fastest: TransUnion
Credit card balances are growing rapidly for everyone, especially Gen Z, according to a recent TransUnion study. (iStock) Credit card balances grew fastest among Generation Z cardholders in the second quarter of 2023, according to a recent TransUnion. investigation. Overall card balances soared to a record $963 billion in the second quarter, up 17.4% from […]
Nearly half of Americans say income is not keeping up with inflation: TransUnion
Inflation was the top concern for 79% of Americans, according to TransUnion. With debt reaching more than $17 trillion and interest rates continuing to rise, many Americans are seeing inflation erode their incomes. According to a study by TransUnion. In fact, 46% of consumers said their income was not keeping up with inflation in the […]
Credit card debt is at record high as Americans deal with inflation and rising costs: TransUnion
Delinquencies on most types of loans are on the rise as Americans struggle to keep up with payments in a rising-cost environment, according to TransUnion. (iStock) The latest industry insights from TransUnion show that while inflation has eased, rising prices have pushed credit card and installment loan usage to near-record levels in the first quarter […]
