Conducted by The Associated Press-NORC Center of Public Affairs, the poll found that 75% of households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill.
The total balance of auto loans in December 2014 was $975 billion, representing 33.2% of total outstanding non-mortgage consumer debt, according to Equifax.
The report details the tools the CFPB has made made available to consumers, as well as the bureau's research and outreach efforts. As a condition of Dodd-Frank, the CFPB is required to present the report on its activities to Congress annually.
Equifax reported that nearly 60 of the top 100 metropolitan statistical areas hardest hit by credit card debt realized double-digit declines in the percentage of income owed to credit card companies — nearly 24 percent in some areas.
The Federal Reserve Bank of New York’s latest quarterly report on household debt and credit indicated that consumer debt fell approximately $60 billion to $11.66 trillion in the third quarter.
Total consumer debt now stands at $11.2 trillion, nearly equivalent to the $11.1 trillion pre-recession level in 2006, according to the latest Equifax National Credit Trends Report.
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