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Tag Archives: Consumers

Low-Income Consumers Disadvantaged When Establishing Credit History

According to a new study from the CFPB, consumers in lower-income parts of the country are more likely to establish credit history through negative means, like debt collection or public records. About 27 percent of low-income area consumers establish their history through what are called “non-loans,” while just 7.9 percent of consumers in high-income areas establish credit via non-loans. The study found that consumers in higher-income areas more commonly establish credit with a credit card or through co-borrowing.

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Mortgage Debt Still Weighing Heavy on Consumers

Many Americans are still struggling with mortgage debt, which is the third most-popular form of debt in the nation. Much of this debt stems from borrowing at the wrong time and for the wrong purpose, preventing consumers from achieving financial stability.

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