A new TransUnion (NYSE: TRU) study, Debt Consolidation in a Rising Economy found that amidst a period of growth in credit card balances and originations, consumers continue to turn to unsecured personal loans as a way to consolidate high interest credit card debt.
The study examined which consumers were turning to unsecured personal loans (UPL) for credit card debt consolidation as opposed to those who used them to refinance existing UPLs, or for other purposes. The study then examined how these groups compared across a number of metrics between April 2021 and September 2022. The metrics included changes in cross wallet credit balances, impacts on credit scores and relative loan performance.
The study found that credi…
Read the full article at: https://ffnews.com/newsarticle/fintech/transunion-study-following-rapid-rise-in-credit-card-use-more-consumers-now-using-unsecured-personal-loans-to-consolidate-debt/