From credit cards to student loans, Americans are missing payments—and their credit scores are paying the price. CNN reports credit scores are falling at the fastest pace.
From credit cards to student loans, Americans are missing payments—and their credit scores are paying the price. CNN reports credit scores are falling at the fastest pace since the Great Recession as borrowers struggle with high inflation, soaring interest rates, the return of student loan payments, and the sheer cost of everyday living. The national average FICO score slipped by 2 points this year—the sharpest drop since 2009—and it marks the second straight year of decline after nearly a decade of steady gains. „We’ve seen a K-shaped economy where those with wealth tied to stock market portfolios and rising home values are doing well and others are struggling with high rates and affordability problems“, said Tommy Lee, a FICO senior director.
