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Experian Credit Study Report Debt and Late Payment Increases

by Peter Andrew
Experian Credit Study Report 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.

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