Given the dismal state of US employment it’s no surprise that Americans are walking away from underwater mortgages and defaulting on consumer debts. These actions, though, are leaving a greater share of citizens in what is essentially the worst credit rating category possible, under 600 according to FICO. As of April, 25% of Americans are under this lowest threshold, an increase from 15% before the financial crisis struck.
25% in US Have Worst Credit Possible… Here’s the Silver Lining
Given the dismal state of US employment it’s no surprise that Americans are walking away from underwater mortgages and defaulting on consumer debts. These actions, though, are leaving a greater share of citizens in what is essentially the worst credit rating category possible, under 600 according to FICO. As of April, 25% of Americans are under this lowest threshold, an increase from 15% before the financial crisis struck.
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