VantageScore President and CEO Silvio Tavares appeared on Bloomberg Businessweek TV to discuss the latest insights from VantageScore’s July 2024 CreditGauge.
The consumer has become cautious, and that’s a marked change. In the most recent insights from VantageScore CreditGauge published this morning, the reality is delinquencies are up significantly and credit utilization is down. Credit utilization is at a four-year low and dropped to 51.6% for the most recent period. Banks have also become cautious. They reduced their new credit accounts in the most recent period of July across every single credit category — auto loans, personal loans, credit cards. That sets the stage for a Fed rate cut because that’s exactly what the Fed wanted to happen: a cooling in the economy.
View VantageScore’s July 2024 CreditGauge insights here: https://www.vantagescore.com/lenders/credit-gauge/
View the full interview here: