Moving to the other side of consumer balance sheets, Plaid launches Liabilities to address debt management
- Data firm Plaid now aggregates consumers' student loan data.
- This enables fintechs to more easily deploy solutions that help users manage their debt.
Data firm Plaid announced its latest product Liabilities to provide real-time information about users’ financial liabilities. There’s a lot of fintech activity around managing, and refinancing consumer debt loads. Liabilities is intended to service and empower these new firms by aggregating loan data in one place.
Student loan debt: Plaid’s Liabilities product will initially aggregate data around student loan debt. At the end of 2018, over 44 million people hold $1.6 trillion, which works out to about $30,000 per borrower.
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