With the news Tuesday (July 8) that consumers expect inflation to hold steady over the next 12 months at 3%, the focus turns to the ways consumers will manage the effect of higher prices for goods and services. For a growing slice of the U.S....
Credit card performance improved for the first time in over four years despite credit card interest rates being “historically high” during the first quarter, the Federal Reserve Bank of Philadelphia said Tuesday (July 8). The cards’ average purchase APR is 24.62%, up from an average of...
The Consumer Financial Protection Bureau (CFPB) reports that the ranks of the “credit invisibles” in the U.S. have thinned. But there are still 25 million unscored individuals. As reported by the agency, 2.7% of the adult population are considered credit invisible, reflecting an update to...
JPMorgan Chase reportedly reorganized its private bank and named a global head of the bank, which is a new role. David Frame, who previously served as the U.S. head of the private bank, has been appointed to the new role, the Wall Street Journal (WSJ) reported Thursday (July...
Data on personal income, spending and saving released Friday (June 27) from the Bureau of Economic Analysis painted a portrait of a pinched consumer. Personal income dipped 0.4% month on month in May. That’s the first monthly decline since September 2021, ending an upward trend...
Watch more: Concora Credit’s CEO Looks to Expand Non-Prime Credit Access Through Partnerships While prime and super-prime consumers navigate a plethora of choices often driven by rewards, non-prime consumers are left out. In an interview with PYMNTS CEO Karen Webster, Concora Credit CEO Bruce Weinstein detailed...
Citigroup is reportedly preparing for a possible decline in consumer financial health by putting aside more provisions for potential losses on loans. “Given the macro environment, etc., cost of credit compared to last quarter, we expect to be up a few hundred million,” Citigroup Head of...
A shift is underway in how consumers in the United States manage their finances, and high earners are increasingly exhibiting reactive money habits. The PYMNTS Intelligence report “The Financial Management Divide: Planners vs. Reactors” surveyed 2,878 U.S. consumers between Jan. 8 and Jan. 20 to...
America’s consumer protection watchdog has switched its position on removing medical debt from credit reports. The Consumer Financial Protection Bureau (CFPB) earlier this year finalized a rule that would have kept medical debt from people’s credit history. The regulator noted at the time that 15...