Experian Credit Study Report Debt and Late Payment Increases

Experian

Credit Study Reports Debt and Late Payment Increases

Credit reporting agency Experian today released a study finding

that consumer debt has risen by more than 12 percent since 2004,

and that the number of late loan payments has risen by almost

20%.

Experian's

National Score Index compared consumer debt levels for the past

three years. Average debt, including credit and installment

loans but not mortgages, rose to $11,669 in the latest study,

versus $10,371 in 2004. The average number of late payments

per person rose to 0.93 from 0.78 two years ago.

Interestingly

enough, the study found that while debt levels rose, the average

numbers of credit inquiries fell by 10% and the average number

of open credit cards declined slightly (by 1.9%) over the same

period.

Experian's

National Score Index is based on a nationwide sampling of 3

million consumer credit profiles.

Published 05/24/06 (Modified 05/07/12)