The American Bankers Association’s (ABA) annual Consumer Credit Reports (CCR) survey has shown a strong trend for people to borrow money on their credit cards at a higher rate than they used to.
While that’s true of loans taken out of traditional credit cards, the report also found that people are using payday loans more frequently than ever.
The CCR report also showed that consumers are borrowing more on payday loans.
For instance, of those who took out a payday payday loan in 2015, 37% borrowed on it in 2015 compared to 33% in 2016.
However, when looking at all payday loans, the share that took out more than $25,000 was 18% in 2015.
The highest percentage of borrowers took out $25 or more was 37%.
The ABA said that people were borrowing more money because of the increasing demand for credit cards and because there are fewer options to get a credit score.
The report said that the number of people who were paying off their credit card balances, but have not yet gotten a credit card score, has increased in recent years.
According to the report, people who are paying off credit card balance, but are still waiting for a credit report, are the ones with the highest average APR on their payday loans at 2.3%.
“These changes to the credit landscape are a result of a large portion of Americans not having a credit history that is suitable for a payday lending product,” said Chris Cate, vice president for consumer finance at the ABA.
The A, B and C ratings agencies are the two major credit bureaus, providing an unbiased and reliable outlook on the creditworthiness of the credit products on offer.
The C rating agency is considered the best in the business.
The A and B rating agencies also have a reputation for being impartial and reliable, and provide an accurate assessment of the financial health of the consumer.
The median annual interest rate for all payday lenders is 4.4%.
The average payday loan loan comes with an interest rate of 3.5%.
The A, C and D ratings are available for all consumer credit products.
The American Banker’s Association is the nation’s largest consumer credit rating agency and a leader in helping consumers manage their credit.
For more information on consumer credit and how to manage your credit, visit our About Us page.