Consumers Paying Off More Debt in a Timelier Manner
Consumers Paying Off More Debt in a Timelier Manner
Consumers Paying Off More Debt in a Timelier Manner
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August 31, 2011 (Shirley Allen)

American consumers continued to pay-off their outstanding debts and delinquency levels continued to improve in the second quarter of 2011 according to the Credit Risk Index (CRI) released by credit monitoring giant TransUnion.

The CRI declined 1.9 percent to 121.22 in the second quarter of 2011 from 123.56 in the first quarter of the year. It was the sixth consecutive quarter that credit risk levels have declined signaling a broad improvement in consumer credit conditions.

“The lengthy, broad and steady decline in the Credit Risk Index, which reflects declines in consumer delinquency and debt levels, has placed the consumer credit market on a firmer footing,” said Chet Wiermanski, global chief scientist at TransUnion. “This responsible use of credit has given some lenders confidence to ease lending standards and invest more in the acquisition of new credit customers.”

TransUnion says that increased lending activity among the banks and finance companies in the past several quarters are showing a healthier balance as consumers with new accounts with higher credit limits are posting lower utilization rates.

Forty-eight states and the District of Columbia experienced at least a 0.76 decline in their credit risk. The index has declined 6.5 percent since reaching its peak of 129.67 in the fourth quarter of 2009.

Mississippi (155.73), Nevada (154.72), and Texas (152.56) had the highest CRI while North Dakota (77.87), Minnesota (86.38), and Vermont (90.06) had the lowest CRI.

The national average for mortgage loans that were 60 days or more delinquent was 5.82 percent in the second quarter, down from 6.19 percent in the first quarter.

The national average for auto loans that were 60 days or more delinquent was 0.44 percent, down from 0.49 in the first quarter, and the national average for credit cards that were 90 days or more delinquent were 0.60 percent, down from 0.74 percent in the first quarter of 2011.

Credit inquiries increased 0.7 percent in the second quarter showing increased demand for consumer credit.

“Lenders are making new credit available to an increasing percentage of consumers, who in turn are conservative with their use of it,” said Wiermanski. “Continued responsible use and repayment of credit by consumers during the rest of 2011 should modestly improve the CRI to levels witnessed just prior to the early stages of the credit and mortgage crisis,” added Wiermanski.

Tags: TransUnion, credit risk, outstanding debt, delinquency rates, credit conditions, lending activity, banks, finance companies, mortgage loans, auto loans, credit cards

Source:
TransUnion

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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August 31, 2011 (Shirley Allen)

American consumers continued to pay-off their outstanding debts and delinquency levels continued to improve in the second quarter of 2011 according to the Credit Risk Index (CRI) released by credit monitoring giant TransUnion.

The CRI declined 1.9 percent to 121.22 in the second quarter of 2011 from 123.56 in the first quarter of the year. It was the sixth consecutive quarter that credit risk levels have declined signaling a broad improvement in consumer credit conditions.

“The lengthy, broad and steady decline in the Credit Risk Index, which reflects declines in consumer delinquency and debt levels, has placed the consumer credit market on a firmer footing,” said Chet Wiermanski, global chief scientist at TransUnion. “This responsible use of credit has given some lenders confidence to ease lending standards and invest more in the acquisition of new credit customers.”

TransUnion says that increased lending activity among the banks and finance companies in the past several quarters are showing a healthier balance as consumers with new accounts with higher credit limits are posting lower utilization rates.

Forty-eight states and the District of Columbia experienced at least a 0.76 decline in their credit risk. The index has declined 6.5 percent since reaching its peak of 129.67 in the fourth quarter of 2009.

Mississippi (155.73), Nevada (154.72), and Texas (152.56) had the highest CRI while North Dakota (77.87), Minnesota (86.38), and Vermont (90.06) had the lowest CRI.

The national average for mortgage loans that were 60 days or more delinquent was 5.82 percent in the second quarter, down from 6.19 percent in the first quarter.

The national average for auto loans that were 60 days or more delinquent was 0.44 percent, down from 0.49 in the first quarter, and the national average for credit cards that were 90 days or more delinquent were 0.60 percent, down from 0.74 percent in the first quarter of 2011.

Credit inquiries increased 0.7 percent in the second quarter showing increased demand for consumer credit.

“Lenders are making new credit available to an increasing percentage of consumers, who in turn are conservative with their use of it,” said Wiermanski. “Continued responsible use and repayment of credit by consumers during the rest of 2011 should modestly improve the CRI to levels witnessed just prior to the early stages of the credit and mortgage crisis,” added Wiermanski.

Tags: TransUnion, credit risk, outstanding debt, delinquency rates, credit conditions, lending activity, banks, finance companies, mortgage loans, auto loans, credit cards

Source:
TransUnion

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

August 31, 2011 (Shirley Allen)

American consumers continued to pay-off their outstanding debts and delinquency levels continued to improve in the second quarter of 2011 according to the Credit Risk Index (CRI) released by credit monitoring giant TransUnion.

The CRI declined 1.9 percent to 121.22 in the second quarter of 2011 from 123.56 in the first quarter of the year. It was the sixth consecutive quarter that credit risk levels have declined signaling a broad improvement in consumer credit conditions.

“The lengthy, broad and steady decline in the Credit Risk Index, which reflects declines in consumer delinquency and debt levels, has placed the consumer credit market on a firmer footing,” said Chet Wiermanski, global chief scientist at TransUnion. “This responsible use of credit has given some lenders confidence to ease lending standards and invest more in the acquisition of new credit customers.”

TransUnion says that increased lending activity among the banks and finance companies in the past several quarters are showing a healthier balance as consumers with new accounts with higher credit limits are posting lower utilization rates.

Forty-eight states and the District of Columbia experienced at least a 0.76 decline in their credit risk. The index has declined 6.5 percent since reaching its peak of 129.67 in the fourth quarter of 2009.

Mississippi (155.73), Nevada (154.72), and Texas (152.56) had the highest CRI while North Dakota (77.87), Minnesota (86.38), and Vermont (90.06) had the lowest CRI.

The national average for mortgage loans that were 60 days or more delinquent was 5.82 percent in the second quarter, down from 6.19 percent in the first quarter.

The national average for auto loans that were 60 days or more delinquent was 0.44 percent, down from 0.49 in the first quarter, and the national average for credit cards that were 90 days or more delinquent were 0.60 percent, down from 0.74 percent in the first quarter of 2011.

Credit inquiries increased 0.7 percent in the second quarter showing increased demand for consumer credit.

“Lenders are making new credit available to an increasing percentage of consumers, who in turn are conservative with their use of it,” said Wiermanski. “Continued responsible use and repayment of credit by consumers during the rest of 2011 should modestly improve the CRI to levels witnessed just prior to the early stages of the credit and mortgage crisis,” added Wiermanski.

Tags: TransUnion, credit risk, outstanding debt, delinquency rates, credit conditions, lending activity, banks, finance companies, mortgage loans, auto loans, credit cards

Source:
TransUnion

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.