Good news for consumers: Households nationwide are getting better at keeping their debts in check.
According to the latest S&P/Experian Consumer Credit Default Indices – which track the rate at which consumers fall behind on their debt – Americans are now defaulting less and less on their loan commitments than ever before.
“The drop in defaults comes as a strong job market has helped boost incomes, helping consumers better manage monthly debt payments,” CNBC reporter John W. Schoen explained. “Historically low interest rates have also helped keep the cost of those monthly payments relatively manageable.”
Image via flickr/Simon Cunningham
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