Data Report

Consumer Finances, Student Loans and Debt Repayment in 2023

In this report, we take a data-driven look at the consumer financial landscape, student loan debt and implications for other loan repayment in today’s economy.

About The Data Report

The purpose of this report is to construct a comprehensive picture of the financial landscape for consumers with debt in delinquency. This report analyzes aggregated and anonymized data of 100,000 US consumers in debt collection with TrueAccord from 2021 - 2022 and appended with student loan and credit information to gain insights into their financial health and outlook.

Key takeaways from this data and research report on the consumer financial landscape for those in debt include:

  • Resumed student loan payments will impact ability to pay debts - consumers with student loans have an average of $11,373 in non-student loan debt, or 92% more than consumers without student loans ($5,917)
  • Student loan holders increased their average number of open trade lines by 10.3% since 2020, while open trade lines decreased by 7.7% for non-student loan holders
  • Consumers with student loans have an average of $811 more in auto loan debt than those without student loans as of 2022
  • Engaging consumers with multiple debts requires understanding, personalization and patience in 2023

About TrueAccord

TrueAccord is a full-service digital-first debt collection agency that has worked with more than 20 million consumers of major banks, issuers, eCommerce companies, and direct lenders. We are transforming the debt collection industry and helping consumers reach financial health with convenient payment plans, customized billing schedules, and easy documentation.