Credit Scores Drop for First Time in 10 Years as Americans Struggle with Debt

Credit scores fell for the first time in a decade, dropping by 1 point to 717 on average, according to a report from FICO.

The drop is attributed to consumers struggling to make payments on time and save money amid high interest rates and inflation.

Missed borrower payments and rising consumer debt levels also contributed to the decline in scores.

66% of U.S. adults surveyed said they made sacrifices to pay expenses in the past year.

The most common tactic was borrowing money or using credit cards (41%), especially for lower-income households.