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Consumers Pay Personal Loans First

Consumers Pay Personal Loans First Featured

When faced with the choice of which debts to pay and which to miss, consumers in financial distress tend to prioritize unsecured personal loans ahead of other credit products such as auto loans.
The most recent study from TransUnion incorporates unsecured personal loans for the first time since the consumer credit agency began analyzing the payment hierarchy dynamic in 2010.
Beyond personal loans, this most recent analysis is consistent with prior studies in finding that consumers have historically prioritized auto loans over their mortgages and credit cards, and have done so consistently since at least the beginning of 2004.
Mortgages have traditionally been the second payment made, followed by credit cards.

Last modified on Thursday, 25 May 2017 19:47