One number that can be a critical one for a person is their credit score. So, many may find it very encouraging that recent numbers suggest that Americans, in general, are in pretty good shape these days when it comes to credit score.
The statistics regard the nation’s average credit score. Reportedly, in April, the average credit score among Americans was 700. This is the highest U.S. credit score average on record. Fair Isaac Corp. has been tracking this average since 2005.
Changes in consumer habits following the housing crisis are being pointed as playing a role in this recent upward trend in credit scores in the United States.
Now, there are some worries about what the future might hold in the U.S. for consumers when it comes to debt and credit. Household debt is currently at very high levels in America. Certain types of debt, including auto debt, have seen particularly big increases in recent years. Some worry that this changing debt picture could create debt problems for consumers in the event that the economy takes a bad turn.
One wonders if the big rises in certain types of consumer debt, like auto debt, will trigger any events that lead to big changes in the average credit score in America. How long do you think the average credit score will stay at strong levels here in the United States?
What credit score they have can impact many different parts of a person’s life. One thing that can have considerable ramifications for one’s credit score is how they respond when problems with debt, such as auto debt, come up. So, when dealing with debt troubles, understanding the potential credit-score-related impacts of the different options one has for responding to the debt can be critical. This is among the many key issues individuals in difficult debt situations can get explanations on and assessments of from experienced bankruptcy attorneys.
Source: U.S. News & World Report, “America’s Shifting Debt Dilemma,” Andrew Soergel, May 30, 2017