The unique inflationary pressures on household finances have not abated, especially for Americans with credit scores below 700. These consumers are less likely to have access to short-term lending options to help them weather temporary financial storms.
July Non-Prime Tracker Update
America has come a long way since the start of the COVID-19 pandemic began in March of 2020. As America builds back from the crisis, optimism has steadily grown. Non-Prime Americans are still struggling with issues such as unemployment, and daily expenses, and yet confidence in the future grows with each month.
Non-Prime Americans had a significant jump in unemployment rates in the second quarter of 2021. Prime Americans haven’t experienced too much of a rise in unemployment since the pandemic began, but non-prime experienced a rise initially and are experiencing another dramatic jump.
In conjunction with the rise in unemployment, non-prime Americans are still finding their daily expenses less manageable since the pandemic began. This could be due to any number of factors such an unemployment, decrease in income, increase in expenses, etc. Despite this, optimism is still growing.
The sentiment in America on the future of the country is getting increasingly positive. Americans, prime and non-prime alike, are hopeful about the direction we are collectively heading. The sentiment of optimism has even grown beyond pre-COVID levels. As circumstances surrounding the COVID-19 pandemic continue to evolve, this will be increasingly interesting to monitor.
Article By:
Jonathan Walker
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