Fox Business featured VantageScore’s CreditGauge March 2023 insights in a recent article, citing that “rising prices and interest rates pushed delinquency rates higher than they were a year ago, across all loan types. However, the rate of missed payments showed some improvement in March compared to February, according to the report. Auto loans, in particular, saw 30-day delinquencies drop to 1.65% in March from 2.1% the previous month.” 

Nora Colomer, a personal finance reporter, also notes that “this improvement in consumer credit happened against the backdrop of high inflation,” as well as banks tightening credit conditions.  

Amidst an increasingly challenging month of March for the banking sector, consumers held tight and largely met their debt obligations, though new loan account originations slowed. VantageScore’s March 2023 CreditGauge also noted that “year-over-year, new account activity continued its decline for all loan products compared to March 2022, indicating that perhaps lenders are revisiting their credit requirements and consumers are thinking twice before taking on additional debt.”  

Read more here: https://www.foxbusiness.com/personal-finance/consumer-credit-improves-march-2023