Credit card delinquencies continue to rise, signaling ongoing consumer pressures. VantageScore CEO Silvio Tavares joins Yahoo Finance Live to discuss the health of consumers and its potential impact on the 2024 presidential election.
Tavares notes that the consumer “is actually pretty healthy,” with VantageScore data revealing stable credit. He indicates, though, that banks are becoming “more picky” to avoid an increase in delinquencies. Tavares observes that banks “are competing more aggressively” to attract higher-end consumers, leading to increased costs and competition among financial institutions.
With the presidential election looming, he notes candidates must create financial campaigns “attractive to both ends of the spectrum.”
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Editor’s note: This article was written by Angel Smith