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.
