Borrowers with both a personal loan and a single credit card became more likely during the pandemic to keep up payments on their card than their loan, according to a TransUnion survey released Wednesday.
The Chicago credit reporting and analytics company studied trends in the United States, Canada, Colombia, India and South Africa and found that before 2020 borrowers in every region prioritized their personal loans over their credit card.
"This trend was largely driven by the presence of multiple cards in wallets, which allows consumers to go delinquent on one or more of their credit cards, while paying their primary card and preserving its use," the report said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
