CFPB Reports Changes In Consumer Financial Status During The Pandemic

Source: site

On April 30, the CFPB released a report that analyzed the early impacts of Covid-19 on the financial status of consumers. According to the Changes in Consumer Financial Status During the Early Months of the Pandemic data point report, fewer consumers had difficulty paying bills in the initial months of the Covid-19 pandemic than in the preceding year, and both credit scores and CFPB financial well-being scores increased. In addition, “[d]espite volatile economic conditions, the average consumer’s financial status improved between June 2019 and June 2020.” These improvements were largely consistent across demographics like race, ethnicity, gender, rural status, and income. Additionally, research examining the first several months of the pandemic showed that “delinquencies as reported in credit bureau data declined, credit card debt fell even for financially vulnerable consumers, bank account balances rose, and survey-based measures of financial conditions rose.”