Credit scores decrease for the first time in a decade as more borrowers fall behind on payments

March 06, 2024

Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. That left many households sitting on a stockpile of cash that enabled some cardholders to keep their credit card balances in check. Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. Already, the average credit card charges over 20%, a record high, but borrowers with lower credit scores pay even more. "It's difficult in this current economy not to have a good credit score," Kaplan said.