Loan extensions for subprime borrowers are up 84% against 2019:
Two primary reasons for the sudden spike?
1. Disruption from Hurricanes Helene and Milton
2. And lenders are trying to keep loans “healthy” by avoiding repos / charge-offs.
But the downside is — in some cases — late-paying borrowers with high interest rates are racking up so much unpaid interest that their loan principal is barely budging for months.
It’s a fine line between relief and deeper debt.
(Data source: SEC via Bill Ploog)
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