The new (and reportedly final) rule on overdraft fees may have consumer groups — and consumers — cheering. But the Consumer Financial Protection Bureau’s (CFPB) move may have a series of negative ripple effects for those same consumers, as banks consider offsetting the impact of...
New Federal Reserve data shows American consumers’ credit card debt continuing to climb. The data, released Friday (Dec. 6), showed U.S. consumer credit climbing from $5.093 trillion in September to $5.113 trillion in October. Consumer credit on a seasonably adjusted basis increased at a 4.5%...
All eyes were on the Federal Reserve’s interest rate cut this week. As widely expected, the central bank delivered a 0.25% trimming to the federal funds rate Thursday (Nov. 7), which will take some time to work through the economy and impact the cost of...
It’s a truism that as the U.S. consumer goes, so goes the economy. And consumers are still opening their wallets and purses, tapping to pay, clicking to pay, swiping their cards; by extension, gross domestic product continues its upward trajectory, though at a pace slowing...
MoneyLion has launched a new marketplace that lets consumers search, apply for and complete transactions across third-party financial products like loans, credit cards and savings accounts. The new MoneyLion Checkout delivers these capabilities within the user experience of the MoneyLion digital ecosystem for consumer finance,...
A growing percentage of consumers think they could miss a minimum debt payment in the next three months. Consumers’ delinquency expectations increased for the fourth consecutive month in September and reached the measure’s highest level since April 2020, according to a Tuesday (Oct. 15) press...
Social media algorithms have emerged as influential players in the realm of advice, effectively acting as pseudo-advisers for generations eager for financial literacy. A PYMNTS Intelligence report, “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability,” a collaboration with NCR Voyix, illustrates...
Consumers’ total outstanding credit grew at a seasonally adjusted annual rate of 2.1% in August, after rising at a rate of 6.3% in July and 0.8% in June. Total consumer credit outstanding stood at $5.098 trillion at the end of August, the Federal Reserve said...
Americans’ struggles with their bills has reportedly been bad news for consumer lending firms. Shares in those companies fell last week following warnings from executives about lower-income customers struggling to stay on top of payments, The Wall Street Journal (WSJ) reported Saturday (Sept. 14). Also...