More consumers are considered financially unhealthy than last year. (iStock)
Consumer satisfaction is taking a dip in the wake of high interest rates, driven up by inflation and the remnants of the pandemic. Nearly 73% of consumers with loans are now categorized as financially unhealthy, J.D. Power’s Consumer Lending Satisfaction study found.
Last year, 67% of consumers were categorized the same way, indicating that times are getting tougher for many borrowers. This is forcing lenders to up their offerings to attract and keep customers.
Higher levels of financial health often correlate with customer satisfaction. On the other end of the scale, consumers struggling financially report less satisfaction with their loans, the study said. On a 1,000-point scale, the satisfaction score for consumers with high financial health was 797 in the J.D. Powers study. Consumers with low…
