As consumers work toward lowering their overall debt, it is essential for financial institutions of all sizes to find creditworthy borrowers. Using as much information as possible to deem responsible clients can be helpful, especially as reports show that Americans are beginning to gain control of their spending.
According to the Federal Reserve Bank of New York, U.S. households had a 0.7 percent decline in debt. Specifically, consumers' debt fell $78 million to hit $11.2 trillion in the second quarter. Additionally, mortgage balances decreased $91 billion to $7.84 trillion and home-equity lines of credit fell by $12 billion to $540 billion.
Andrew Haughwout, vice president and research economist at the Federal Reserve Bank of New York, said in a statement that even though overall debt declined in the second quarter, "households did increase non-housing debt, led by rising auto loan balances."
"Furthermore, households improved their overall delinquency rates for the seventh straight quarter, an encouraging sign going forward," he said.
Why Credit Application Software for Banks?
Having the right credit risk software in place will help banks make good decisions when it comes to choosing borrowers. Without a full understanding of a potential customer's history, financial institutions will have a more difficult time making choices that will be beneficial in the short- and long-term.
Even so, a recent U.S. News and World Report article explained that this news is a "matter of perspective." American households might be lowering their debt, which could signal smarter spending habits, it could also show how foreclosures are beginning to work their way through the system.
Regardless of the reasoning, financial institutions cannot afford to make guesses when it comes to choosing creditworthy borrowers. With strong credit application software, organizations can make the right choice every time.
[:fr]As consumers work toward lowering their overall debt, it is essential for financial institutions of all sizes to find creditworthy borrowers. Using as much information as possible to deem responsible clients can be helpful, especially as reports show that Americans are beginning to gain control of their spending.
According to the Federal Reserve Bank of New York, U.S. households had a 0.7 percent decline in debt. Specifically, consumers' debt fell $78 million to hit $11.2 trillion in the second quarter. Additionally, mortgage balances decreased $91 billion to $7.84 trillion and home-equity lines of credit fell by $12 billion to $540 billion.
Andrew Haughwout, vice president and research economist at the Federal Reserve Bank of New York, said in a statement that even though overall debt declined in the second quarter, "households did increase non-housing debt, led by rising auto loan balances."
"Furthermore, households improved their overall delinquency rates for the seventh straight quarter, an encouraging sign going forward," he said.
Having the right credit risk software in place will help banks make good decisions when it comes to choosing borrowers. Without a full understanding of a potential customer's history, financial institutions will have a more difficult time making choices that will be beneficial in the short- and long-term.
Even so, a recent U.S. News and World Report article explained that this news is a "matter of perspective." American households might be lowering their debt, which could signal smarter spending habits, it could also show how foreclosures are beginning to work their way through the system.
Regardless of the reasoning, financial institutions cannot afford to make guesses when it comes to choosing creditworthy borrowers. With strong credit application software, organizations can make the right choice every time.
[:es]As consumers work toward lowering their overall debt, it is essential for financial institutions of all sizes to find creditworthy borrowers. Using as much information as possible to deem responsible clients can be helpful, especially as reports show that Americans are beginning to gain control of their spending.
According to the Federal Reserve Bank of New York, U.S. households had a 0.7 percent decline in debt. Specifically, consumers' debt fell $78 million to hit $11.2 trillion in the second quarter. Additionally, mortgage balances decreased $91 billion to $7.84 trillion and home-equity lines of credit fell by $12 billion to $540 billion.
Andrew Haughwout, vice president and research economist at the Federal Reserve Bank of New York, said in a statement that even though overall debt declined in the second quarter, "households did increase non-housing debt, led by rising auto loan balances."
"Furthermore, households improved their overall delinquency rates for the seventh straight quarter, an encouraging sign going forward," he said.
Having the right credit risk software in place will help banks make good decisions when it comes to choosing borrowers. Without a full understanding of a potential customer's history, financial institutions will have a more difficult time making choices that will be beneficial in the short- and long-term.
Even so, a recent U.S. News and World Report article explained that this news is a "matter of perspective." American households might be lowering their debt, which could signal smarter spending habits, it could also show how foreclosures are beginning to work their way through the system.
Regardless of the reasoning, financial institutions cannot afford to make guesses when it comes to choosing creditworthy borrowers. With strong credit application software, organizations can make the right choice every time.
[:it]As consumers work toward lowering their overall debt, it is essential for financial institutions of all sizes to find creditworthy borrowers. Using as much information as possible to deem responsible clients can be helpful, especially as reports show that Americans are beginning to gain control of their spending.
According to the Federal Reserve Bank of New York, U.S. households had a 0.7 percent decline in debt. Specifically, consumers' debt fell $78 million to hit $11.2 trillion in the second quarter. Additionally, mortgage balances decreased $91 billion to $7.84 trillion and home-equity lines of credit fell by $12 billion to $540 billion.
Andrew Haughwout, vice president and research economist at the Federal Reserve Bank of New York, said in a statement that even though overall debt declined in the second quarter, "households did increase non-housing debt, led by rising auto loan balances."
"Furthermore, households improved their overall delinquency rates for the seventh straight quarter, an encouraging sign going forward," he said.
Having the right credit risk software in place will help banks make good decisions when it comes to choosing borrowers. Without a full understanding of a potential customer's history, financial institutions will have a more difficult time making choices that will be beneficial in the short- and long-term.
Even so, a recent U.S. News and World Report article explained that this news is a "matter of perspective." American households might be lowering their debt, which could signal smarter spending habits, it could also show how foreclosures are beginning to work their way through the system.
Regardless of the reasoning, financial institutions cannot afford to make guesses when it comes to choosing creditworthy borrowers. With strong credit application software, organizations can make the right choice every time.
[:tr]As consumers work toward lowering their overall debt, it is essential for financial institutions of all sizes to find creditworthy borrowers. Using as much information as possible to deem responsible clients can be helpful, especially as reports show that Americans are beginning to gain con
trol of their spending.
According to the Federal Reserve Bank of New York, U.S. households had a 0.7 percent decline in debt. Specifically, consumers' debt fell $78 million to hit $11.2 trillion in the second quarter. Additionally, mortgage balances decreased $91 billion to $7.84 trillion and home-equity lines of credit fell by $12 billion to $540 billion.
Andrew Haughwout, vice president and research economist at the Federal Reserve Bank of New York, said in a statement that even though overall debt declined in the second quarter, "households did increase non-housing debt, led by rising auto loan balances."
"Furthermore, households improved their overall delinquency rates for the seventh straight quarter, an encouraging sign going forward," he said.
Having the right credit risk software in place will help banks make good decisions when it comes to choosing borrowers. Without a full understanding of a potential customer's history, financial institutions will have a more difficult time making choices that will be beneficial in the short- and long-term.
Even so, a recent U.S. News and World Report article explained that this news is a "matter of perspective." American households might be lowering their debt, which could signal smarter spending habits, it could also show how foreclosures are beginning to work their way through the system.
Regardless of the reasoning, financial institutions cannot afford to make guesses when it comes to choosing creditworthy borrowers. With strong credit application software, organizations can make the right choice every time.
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