American consumers’ savings cushion is no longer that cushiony, according to new Federal Reserve research. The savings people accumulated during the pandemic, which at one point topped $2 trillion, are due to run out this quarter, the Federal Reserve Bank of San Francisco said in...
Versatile Credit, Nationwide Marketing Group (NMG) and Wells Fargo have partnered to launch The Finance Hub, a consumer financing portal for merchants. This new collaboration provides a comprehensive, tailored financing program for a broad range of consumers and simplifies the application process with Versatile Credit Cascade technology, the companies said in...
That having children is costly may not be surprising — but the extent to which parents with children depend on credit cards is. Proprietary research prepared for the July “New Reality Check: The Paycheck-to-Paycheck Report,” a PYMNTS collaboration with LendingClub, details which consumers are carrying...
Inflation may be cooling but it still pressures consumers. And, as PYMNTS has found in recent months, individuals are turning more frequently to their credit cards to meet the demands of paying for everyday expenses. To get a sense of the magnitude of that shift,...
LendingPoint has added a personal financial health and management tool to its artificial intelligence (AI)-driven CreditTech platform. The new tool, which is now available for free to all LendingPoint customers via the mobile app, allows customers to set financial goals, analyze spending by category, receive tailored...
In a credit-based economy such as that of the United States, credit scores determine more than whether consumers qualify for a mortgage or auto loan. Often, access to credit can also decide whether or not consumers can afford everyday essentials. Credit access is critical, yet...
Consumer credit grew at a seasonally adjusted annual rate of 4.3% in June. Revolving credit decreased at an annual rate of 0.6% during the month, while nonrevolving credit increased by 6.0%, the Federal Reserve said in a Monday (Aug. 7) statistical release. Consumer credit includes most...
Rising prices for everything from food to housing continue negatively affecting United States households’ financial well-being. Even as consumers continue to adjust spending to make ends meet and put aside savings, 61% of consumers lived paycheck to paycheck as of June 2023, with 21% struggling...
When student loans resume this fall, many borrowers will send payments to new providers. Roughly 44% of federal student loan borrowers will have a new loan service company, AL.com reported Sunday (July 30), citing data from the Consumer Financial Protection Bureau (CFPB). According to the report, three...