The proportion of credit-card accounts entering “financial hardship” programs surged in April by 3.2%, to 14.7 million, credit-reporting agency TransUnion said Wednesday. Auto loans notched a similar uptick, with 3.5%, or nearly three million accounts, falling into hardship status. The government’s $2 trillion stimulus bill created some options for debt-addled Americans, but “banks and lenders are looking for further regulatory guidance” as fiscal aid dries up, TransUnion said. Visit Business Insider’s homepage for more stories.
Millions of Americans are struggling to pay off debt as coronavirus-led economic fallout spreads further.
The share of credit-card accounts entering “financial
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