To: GROUND ZERO™ who wrote (51708 ) 3/21/2024 11:25:57 PM From: Sdgla 1 RecommendationRecommended By
Respond to BIDENOMICS: Credit Scores Have Fallen For the First Time In A Decade. announced that the average credit score in the United States dipped for the first time in a decade, indicating Americans may be struggling with financial distress as they endeavor to make timely credit payments and bolster their savings. Ethan Dornhelm, FICO’s VP of scores and predictive analytics, identified a lack of savings buffer in households as one likely culprit for the lower credit scores. As the COVID-19 pandemic subsided and consumer spending increased, data showed a drawn-down of savings among American households.inflation and high interest rates on consumers’ finances . FICO says their data shows missing payments and climbing consumer debt levels are having a considerable impact on decreasing credit scores.government aid, which significantly bolstered consumers’ credit managing ability, are a thing of the past , leaving Americans to manage their credit responsibilities independently.expenses last year, with borrowing and resorting to credit cards being the most common financing alternative. Predictably, reliance on lines of credit and payment plans was tougher on households earning less than $75,000 annually, with nearly half acknowledging they had to borrow funding to meet their 2023 expenses.
