How To Protect Your Finances
While U.S. consumers are getting better at keeping up with credit card and personal loan payments, mortgage and student loan delinquencies are climbing, and student loan delinquencies remain historically high, according to the Spring 2026 FICO Credit Score Insights report.
Delinquencies, or when borrowers fall behind on payments, can lead to lower credit scores and higher borrowing costs over time. CNBC Select breaks down what’s driving these delinquencies and highlights a few practical strategies to protect your finances.
Delinquencies on mortgages and student loans are increasing
In October 2025, the 30-day+ mortgage delinquency rate was 4.8%, the highest since April 2020. Sixty‑day+ and 90‑day+ delinquencies followed a similar pattern and sat at 2.4% and 1.6%, respectively. A 30-day delinquency means a payment is one month late, 60-day means two months and 90-day means three months or more, with longer delinquencies typically indicating more serious financial trouble.
On the other hand, severe student loan delinquencies (90 days or more) jumped from 0.8% in October 2024 to 10.9% by April 2025, after reporting of missed payments resumed. While the pace of increase has slowed, the rate remains high at 11% as of October 2025. Student loan borrowers with a newly reported delinquency also saw their credit scores drop an average of 62 points since January 2025.
Consider refinancing
If you bought your house when mortgage rates were upwards of 8% and are currently struggling, you could consider refinancing. Mortgage refinancing replaces your existing loan with a new one, and there are several types.
One common type, called rate-and-term refinancing, adjusts the rate, repayment term or both. If you’re looking to refinance quickly, Rocket Mortgage reports an average closing of roughly 20 days — about half the national average.
Rocket Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages are available.
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Types of loans
Conventional loans, FHA loans, VA loans, Jumbo loans, low-down-payment mortgages
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Terms
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
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Credit needed
620 for conventional loans
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Minimum down payment
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
Refinancing your student loans is more individualized, as it depends on the type of loan you have. If you have federal loans, refinancing them into private loans could result in a much lower rate. But you lose certain protections you’d otherwise receive with federal loans, such as income-driven repayment plans.
It really comes down to your current rate, whether you can refinance to a lower one and whether refinancing is worth the trade-offs. Many lenders, like SoFi, will calculate your new potential rate based on your current financial standing without hurting your credit score. This can be a great way to get a preview of any potential savings.
- 0.25% autopay interest rate discount
- 0.125% SoFi Plus discount
- No origination fees, no late fees and no insufficient fund fees
- Private loans, which means you lose federal loan benefits
- $5,000 minimum loan amount
Fixed rates range from 4.24% APR to 9.99% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Variable rates range from 6.49% APR to 10.49% APR with 0.25% autopay discount and 0.125% SoFi Plus discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 3/12/26 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. You may pay more interest over the life of the loan if you refinance with an extended term.
Review your cash flow
One of the most important reasons to consider budgeting is that many don’t realize they’re running a deficit until it snowballs. While creating or finalizing your budget won’t magically put more money into your account, what it can do is help you better visualize where your money is going and establish a baseline for your non-negotiable spending.
Monarch
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Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
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Free trial
7-day free trial is available before subscribing
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Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
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Categorizes your expenses
Yes, but users can modify
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
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Security features
Utilizes industry-leading security practices, according to Monarch’s website
Pros
- Easy-to-navigate money-tracking dashboard, including a net-worth tracker
- Easily syncs to your bank, credit cards and other financial accounts
- Users can add collaborators for free
- Seven-day free trial
Cons
- Subscription is pricier than competitors
- Recommendations in the “advice” tab are generic
Take care of your credit score
If you’re struggling with your credit score as a result of falling behind on payments, you might consider reaching out to a credit repair company — especially if you find inaccurate or outdated negative marks on your report. While you can attempt to get inaccuracies removed yourself, the process can be fairly confusing and time-consuming.
The Credit People is a credit repair option that charges $19 per deletion or offers three service tiers: Standard ($99/month), Premium ($119/month) and Premium Flat Rate ($599 for six months). Even the most basic package includes unlimited disputes with the three major credit bureaus. The company estimates an average credit score increase of 50 to 100+ points for customers.
The Credit People Credit Report Repair
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Cost
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Monthly fee: $99 for standard, $119 for premium. The company also offers a six-month flat-fee option for $599.
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Highlights
The Credit People’s Credit Report Repair service is relatively affordable compared to other programs in the space. Even the most basic package (the standard package) includes unlimited challenges to all three credit bureaus. Upgrading to the premium package includes escalated disputes and monthly credit score reports and score refreshes.
Pros
- Relatively low first work fees
- The company has been working in the space since 2001
- Satisfaction guarantee can refund current and previous month’s payments
Cons
- Not BBB accredited
- Must get premium package for creditor interventions, which can help you communicate with creditors for additional assistance
- Must get premium package to get monthly refreshed scores
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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