TransUnion reported that in April nearly 3 million auto loans and 15 million credit cards were in “financial hardship programs.” This is a significant surge from last year when around 150,000 of credit cards and around 428,000 of auto loans were in these same “financial hardship programs.” The new data indicates how COVID-19 is impacting both consumers and lenders alike. Consumers who aren’t able to pay their loans could have their credit scores drop significantly making it harder for them to access credit in the future and lenders could face a massive spike in delinquencies.

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