Posted 2/22/2024, 11:00:00 AM
Credit Card Debt Hits New High; LendingClub Positions to Benefit from Expected Refinancing Boom
- Credit card debt has surpassed $1.13 trillion, with interest rates at all-time highs
- 38% of consumers are considering consolidating debt to simplify finances and reduce interest
- LendingClub could benefit if interest rates fall, prompting a "historic refinancing opportunity"
- LendingClub aims to retain 15-25% of highest quality loans and sell the rest for fees
- LendingClub is developing tools to help consumers consolidate and manage debt ahead of expected refinancing wave
