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That seems to defeat the narrative of "the consumers are struggling due to high interest rates". If they have the cash in their accounts, they shouldn't be the
by delfinom 2y ago
That seems to defeat the narrative of "the consumers are struggling due to high interest rates". If they have the cash in their accounts, they shouldn't be the ones largely defaulting.
- connicpu 2y agoThey had cash when they signed up, they don't anymore
- jandrese 2y agoI think the story is that the COVID stimulus checks meant that people who normally live paycheck to paycheck were for the first time showing a healthy bank balance which increased their credit score just enough to qualify. Once the checks stopped they stated defaulting.
- losteric 2y agoSince when is bank balance considered in credit scores and checks?
- jandrese 2y agoSince forever? Part of the assets/debt ratio.
- do_not_redeem 2y agoI'm gonna need a source on this one. https://www.myfico.com/credit-education/whats-in-your-credit-score https://www.myfico.com/credit-education/whats-in-your-credit...