Credit Card Debt Is Over $1.13 Trillion -- This 1 Stock Could Benefit From a Historic Refinancing Opportunity
Last year, consumer credit card debt surpassed $1 trillion. After strong spending during the holiday season, Americans now owe $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
Credit card debt is burdensome for consumers, and with credit card interest rates at all-time highs, many may look into consolidating their debts through personal loans. According to one survey, 38% of consumers are considering consolidating their debt, which can help simplify their finances and save on interest. If interest rates fall meaningfully in the next year or two, (NYSE: LC) could benefit from a "historic refinance opportunity."
The U.S. economy has displayed incredible resilience, relative to what experts expected. Entering last year, 80% of economists believed the U.S. economy would enter a recession in 2023 or 2024. However, a resilient economy over the past year has now led many to believe the chance of a recession is relatively low.
Source Fool.com
LendingClub Corp. Stock
With 10 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 10 € shows a slightly positive potential of 17.84% compared to the current price of 8.49 € for LendingClub Corp..
