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

Credit scores fell for the first time in a decade, down 1 point to 717 on average, indicating consumers are struggling with payments and saving
Missed borrower payments and increased consumer debt levels contributed to the drop according to FICO
Lack of pandemic-era relief programs means consumers must now make good on obligations
66% of Americans surveyed made sacrifices to pay expenses in the past year
Lower income households below $75k were hardest hit and most likely to borrow to cover bills