Americans fell behind on nearly 18 million credit-card and auto-loan payments last month
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The proportion of credit-card accounts entering "financial hardship" programs surged in April by 3.2%, to 14.7 million, credit-reporting agency TransUnionAuto loans notched a similar uptick, with 3.5%, or nearly three million accounts, falling into hardship status.
The share of credit-card accounts entering "financial hardship" status spiked to 3.2%, or 14.7 million accounts, in April, according to a newfrom credit-reporting agency TransUnion. The proportion spiked higher in April from just 0.01% in March 2020 and 0.03% in the year-ago period. About 2.7 million mortgages, or 5% of such loans, are currently in financial hardship, TransUnion said. Home loan delinquencies have dropped from their year-ago readings, though usage of forbearance programs could delay an uptick in defaults.
"While these programs are providing consumers with temporary relief, banks and lenders are looking for further regulatory guidance as to what next steps should be taken once stimulus packages dry up," he said in the Wednesday report.
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