“Generally speaking, we’re seeing consumers with a high level of confidence. That’s why they’re actually increasing their use of credit through November. Credit card balances were up 9% year-over-year, but we’re also seeing an increase in delinquencies across all credit products, whether it’s auto loans or credit cards — all of those delinquencies are increasing. Through November, they were at 12-month highs, so as we look to the future, there is some cause for concern.”
According to VantageScore’s CreditGauge, consumer credit card balances are steadily increasing both month-over-month and year-over-year. This is likely due to the impact of inflation and higher interest rates.
Today, Silvio Tavares, President and CEO of VantageScore, joined Yahoo! Finance LIVE to discuss consumer confidence throughout the holiday season and how spending could impact household budgets as we move into the new year.
Visit VantageScore’s CreditGauge to learn the latest consumer credit health updates.
View Silvio’s interview segment here: https://finance.yahoo.com/video/health-us-consumer-2024-195453731.html