Debt Consolidation in a Rising
Rate Economy
Between 2020 and 2022, originations and balances for both bankcards and unsecured personal loans (UPLs) experienced record growth. In tandem, the number of UPLs used to consolidate credit card debt also saw a significant jump, increasing roughly 54 percent in Q3 2022 compared to pre-pandemic levels three years prior.
Based on these developments in the market, a new TransUnion study explores whether debt consolidation loans are a worthwhile focus for lenders at this time. Read our market brief to learn:
- Which consumers are leveraging UPLs for debt consolidation
- The impact debt consolidation has on credit scores
- How to identify potential borrowers likely to benefit from debt consolidation
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