Millions of Credit Card and Auto Loans on Financial Hardship Plans

According to recent data from TransUnion lenders reported that almost 15 million credit cards were in financial hardship programs; this accounts for about 3% of credit card accounts that TransUnion tracks; on the auto side, about three million auto loans were in hardship programs, or about 3.5% of auto loans tracked; these numbers were .03% and 0.5% respectively for credit card and auto loans last year; even before the coronavirus hit Americans were taking on more credit card and auto loan debt which is believed to be a result of stagnant wages; these data points are particularly important since loans that have paused payments are not included in delinquency or charge-off numbers that lenders report; consumer lenders are hoping that the flexibility they are offering consumers will provide time for the economy to recover and allow consumers to catch up. The Wall Street Journal

About the Author

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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