Credit reporting agency TransUnion has found that nearly 3% of common consumer debts were in financial-hardship status at the end of 2020, illustrating that many Americans are struggling to get by financially as the pandemic wears on.
While the latest number is down from a peak almost 5% in spring, it's still far above the norm.
Overall, the hardship agreements -- which can put a pause on payments or provide consumers other relief -- hit their peak in May at 4.77%. In February, just before pandemic-related closures and layoffs hit, the measure was at 1.71%.
TransUnion looked at auto, credit card, mortgage and unsecured personal loan products. It found that 2.87% were in a financial hardship agreement as of the end of December, according to information released last week.
TransUnion found that 5.36% of mortgages were in hardship status in December, down from highs of over 7% in the spring, According to the year-end data, 2.93% of auto loans, 2.42% of credit cards and 3.36% of personal loans were in such agreements.