Consumer debt

VantageScore® Credit Score Usage Surges 42% to 27 Billion Credit Scores in 2023

Retrieved on:

Wednesday, April 3, 2024

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SAN FRANCISCO, April 3, 2024 /PRNewswire/ -- VantageScore today announced that overall usage of its credit scores increased by 42% in 2023 to a record volume of over 27 billion credit scores. This growth is reflected by increased usage by financial institutions and organizations including banks, credit card lenders, fintechs, consumer websites and government entities, among others. More than 3,400 unique banks, lenders and other institutions used VantageScore in 2023, including eight of the top 10 banks. This is according to the results of the 2024 VantageScore® Market Study Report ("Market Study Report"), a comprehensive, independent third-party analysis conducted by Charles River Associates.

Key Points:

SAN FRANCISCO, April 3, 2024 /PRNewswire/ -- VantageScore today announced that overall usage of its credit scores increased by 42% in 2023 to a record volume of over 27 billion credit scores.
Overall, usage by financial institutions grew by 46% year over year to nearly 13 billion consumer credit scores in 2023 compared to approximately 9 billion in 2022.
Usage among non-financial institutions grew by 39% overall to just over 14 billion scores in 2023 compared to 10 billion in 2022.
Overall, the non-financial category grew by 39% from 10.2 billion credit scores to 14.2 billion credit scores.

Bank of Canada's Static Rate Doesn't Mean It's Time to Celebrate, Warns the Credit Counselling Society

Retrieved on:

Wednesday, April 12, 2023

Housing, Algonquin Nation Programs and Services Secretariat, Telus Health, Bank of Canada, Policy, Consumer debt, Outline, Embarrassment, Statistics Canada, CCS, Weather, Ageing, Bank, Credit, Courage, Mental health, News

"Rising costs, economic uncertainty, and an unpredictable housing market, are just a few of the financial obstacles still facing Canadians," explains Peta Wales, President & CEO of the Credit Counselling Society (CCS). "While it's good news for consumers that the rate has not increased, what we're still seeing is a growing reliance on borrowing – credit cards, payday loans, lines of credit -- and those higher debt loads, which can last years, can make it almost impossible to withstand these economic conditions without falling even further into debt," cautions Wales.

Key Points:

The Bank of Canada has announced the rate will remain at the current 4.5 percent.
It might sound like good news, but experts at the Credit Counselling Society say it's the least of our worries.
Bank of Canada's Static Rate Doesn't Mean It's Time to Celebrate, Warns the Credit Counselling Society
"Rising costs, economic uncertainty, and an unpredictable housing market, are just a few of the financial obstacles still facing Canadians," explains Peta Wales, President & CEO of the Credit Counselling Society (CCS).
With credit card debt increasing by a staggering $93 billion across Canada last year, the impacts on financial and mental health continue to be felt.

CDRI Adds Respected Industry Leader to Its Board of Directors

Retrieved on:

Monday, May 23, 2022

MBA, Certification, Leadership, Association, Marketing, Industry, Harvard University, Consumer debt, JD, CDRI, University, Human, Growth, Pitfalls, CEO, Management, Financial services, Financial technology

WASHINGTON, May 23, 2022 /PRNewswire-PRWeb/ -- Today, the Consumer Debt Relief Initiative (CDRI) — the premier industry organization dedicated to the protection and promotion of the debt settlement industry — announced the expansion of its board of directors to include Michael Barsoum, CEO of Alleviate Financial Solutions. The association's rapid growth and this strategic addition better position the organization to thrive, particularly as the evolution of the FinTech space continues.

Key Points:

Michael Barsoum, CEO of Alleviate Financial Solutions, brings 20 years of success in the financial industry to Consumer Debt Relief Initiative's board of directors.
WASHINGTON, May 23, 2022 /PRNewswire-PRWeb/ -- Today, the Consumer Debt Relief Initiative (CDRI) the premier industry organization dedicated to the protection and promotion of the debt settlement industry announced the expansion of its board of directors to include Michael Barsoum, CEO of Alleviate Financial Solutions.
"Since our founding just 18 months ago, CDRI has become a respected and effective voice for the debt settlement industry," said Tomas Gordon, CDRI founder and president of its board of directors.
"I look forward to helping CDRI attain continued growth, achieve its objectives and remain a primary advocate for the industry."

MNP Consumer Debt Index: Nearly half of Canadians doubtful they can cover living expenses this year without going into further debt, highest level in three years

Retrieved on:

Monday, July 19, 2021

Finance, Money, Economy, Debt, Financial law, Consumer debt

Half (51%, unchanged) say they are more concerned about their ability to repay their debts than they used to be.

Key Points:

Half (51%, unchanged) say they are more concerned about their ability to repay their debts than they used to be.
After a seven-point increase last wave, the MNP Consumer Debt Index has held onto these gains to sit at 97 points (+1pt).
For regular, bite-sized insights about debt and personal finances, subscribe to the MNP 3 Minute Debt Break Podcast .
The MNP Consumer Debt Index measures Canadians attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency.

Ramsey Solutons’ Q1 State of Personal Finance Study Confirms Americans Are Stressed About Money

Retrieved on:

Monday, May 3, 2021

According to the Ramsey Solutions Q1 State of Personal Finance study , 42% of those with consumer debt say the pandemic has been a financial setback they don\xe2\x80\x99t think they can come back from, compared to 27% of people without consumer debt.\nThis press release features multimedia.

Key Points:

According to the Ramsey Solutions Q1 State of Personal Finance study , 42% of those with consumer debt say the pandemic has been a financial setback they don\xe2\x80\x99t think they can come back from, compared to 27% of people without consumer debt.\nThis press release features multimedia.
View the full release here: https://www.businesswire.com/news/home/20210503005117/en/\nThe Ramsey Solutions Q1 State of Personal Finance study reveals that 1 in 5 Americans with a credit card have \xe2\x80\x9cmaxed it out\xe2\x80\x9d in the last month, and 1 in 4 Americans with debt are in collections for at least one of their debts.
(Photo: Business Wire)\nThe study reveals that people in debt are more likely to feel unsatisfied, worried, and stressed than those with no debt.
Ramsey Solutions\xe2\x80\x99 world-class speakers and authors give inspiration, practical advice and hope to audiences across the country.

TurboFinance Publishes Informational Guide About Debt Relief

Retrieved on:

Tuesday, March 9, 2021

Finance, Money, Debt, Economy, Debt consolidation, Debt settlement, Debt relief, Debt management plan, Credit counseling, Consumer debt, Bankruptcy, Financial health management

LOS ANGELES, March 9, 2021 /PRNewswire-PRWeb/ -- Professional debt consultants TurboFinance have released their informational guide for consumers looking to mitigate some of their personal debt with debt relief.

Key Points:

LOS ANGELES, March 9, 2021 /PRNewswire-PRWeb/ -- Professional debt consultants TurboFinance have released their informational guide for consumers looking to mitigate some of their personal debt with debt relief.
Debt relief programs offer ways for individuals who are financially struggling to help manage some of their debt by arranging for more affordable payments and eventually eliminate their debt.
These five methods of debt relief are credit counseling, debt consolidation, debt management, debt settlement, and even bankruptcy.
Having worked with many of the best debt relief companies , TurboFinance has found two partners to be exceptional in their commitment to consumers and their results: ClearOne Advantage and American Debt Relief.

LendingArch Expands Footprint Further into the United States, Helps Americans Lower Their Credit Card Debt

Retrieved on:

Wednesday, January 27, 2021

Money, Debt, Finance, Economy, Credit card debt, Credit card, Credit, Consumer debt, Household debt

LendingArch's Consumer Debt Division is focused in on helping Americans lower or eliminate their Credit Card Debt to manageable levels, so that Americans can continue to "balance the books" within their own households, and not worry about the burden and pressure of being overloaded with debt.

Key Points:

LendingArch's Consumer Debt Division is focused in on helping Americans lower or eliminate their Credit Card Debt to manageable levels, so that Americans can continue to "balance the books" within their own households, and not worry about the burden and pressure of being overloaded with debt.
"We are able to help any American with over $10,000 in Credit Card Debt attain a more manageable debt level in order to re-balance their expenses and lower the stress of being in heavy debt".
According to recent studies, Americans have a total of $415 Billion in Credit Card debt, and with the current pandemic, many out of work Americans have had to rely on their credit cards to extend basic living expenses while they find work or obtain government assistance.
"In addition to helping Americans with their Credit Card debt, we will be offering many financial products that Americans will be needing to get through the pandemic and its aftermath.

Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers

Retrieved on:

Monday, January 11, 2021

Finance, Money, Debt, Economy, Credit, Financial law, Consumer debt

Perhaps one of the most important aspects uncovered in the 2020 BC Consumer Debt Study points to alarming realities for indebted consumers.

Key Points:

Perhaps one of the most important aspects uncovered in the 2020 BC Consumer Debt Study points to alarming realities for indebted consumers.
Over 3 in 5 participants claimed overwhelming stress was the indicator of how they knew their debts were a problem.
Over two-thirds of study participants said their self-esteem suffered because of being in debt, and 65% said their health suffered.
Nearly 70% of respondents indicated that their relationships with family and others were negatively impacted by being in debt.

MNP Consumer Debt Index Highlights Inequality in K-Shaped Recovery Pushing Canadians to Financial Distress

Retrieved on:

Tuesday, October 13, 2020

Finance, Money, Debt, Economy, Credit, Financial economics, Financial law, Consumer debt

The latest MNP Consumer Debt Index highlights what many are predicting will be a K-shaped recovery, whereby those at the top prosper while the working-class Canadians head deeper into debt.

Key Points:

The latest MNP Consumer Debt Index highlights what many are predicting will be a K-shaped recovery, whereby those at the top prosper while the working-class Canadians head deeper into debt.
Now in its fourteenth wave, the MNP Consumer Debt Index is conducted quarterly by Ipsos and tracks Canadians attitudes about their debt situation and their ability to meet their monthly payment obligations.
Several indicators making up the MNP Debt Index point to debt trouble, particularly as payment deferrals and government emergency aid programs wind down.
The MNP Consumer Debt Index measures Canadians attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency.

MNP Consumer Debt Index Highlights Financial Upside of Pandemic Among Canadians

Retrieved on:

Monday, July 20, 2020

Economy, Finance, Money, Credit, Debt, Financial law, Consumer debt

After reaching a record low in early March, the MNP Consumer Debt Index has climbed three points to 96, with increasing optimism about personal finances.

Key Points:

After reaching a record low in early March, the MNP Consumer Debt Index has climbed three points to 96, with increasing optimism about personal finances.
The fact that many Canadians are more optimistic or even hopeful about their personal debt situation is likely a result of the pandemic relief measures.
The MNP Consumer Debt Index measures Canadians attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency.
Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians.