The two largest banks in the U.S. have reported rising delinquency rates on their credit cards. Both Bank of America and JPMorgan Chase said in filings with the Securities and Exchange Commission (SEC) that their delinquency rates rose in January, two days after Discover Financial...
Discover Financial’s credit card delinquency rate has been rising each month since May 2022. The firm said in a Monday (Feb. 13) filing with the Securities and Exchange Commission (SEC) that the percentage of loans that were delinquent 30 or more days reached 2.67% in...
A leading House Republican says President Biden’s proposed credit card fee cap will hurt consumers. Announced by the Consumer Financial Protection Bureau (CFPB) Wednesday (Feb. 1), the proposed cap on late fees would lower the typical late fee from around $30 to $8. The CFPB...
The Biden administration wants to cap what it calls excessive credit card late fees. The White House announced the plan Wednesday (Feb. 1) as part of a larger strategy targeting fees for several consumer products, including internet service, airfare and hotel bookings. According to the...
So far into 2023, there’s been cautious optimism from payment networks on card spending. Earnings results from Mastercard, Visa, American Express and others show that households have been willing — and able — to use credit to navigate inflationary pressures and a slew of interest...
Worldline has announced an extended card issuing and processing arrangement with ING. The French multinational payment company said in a Monday (Jan. 30) press release that it has signed a new multiyear contract to provide debit and credit card issuing and processing services for the...
Capital One Financial’s latest results show consumers continue to spend, but a modestly worse economic outlook has boosted allowance for credit losses. CEO Richard Fairbank said during the conference call with analysts that “consumer credit metrics remain strong — and they’ve been normalizing steadily through...
Financial services firms’ earnings suggest paycheck-to-paycheck consumers are straining to manage credit card debt. PYMNTS data found that paycheck-to-paycheck consumers are more than three times as likely as their peers to revolve credit card debt and carry higher monthly balances overall. The average credit score...
Credit card interest rates are expected to average 20.5% by the end of the year. That would be up from the 19.6% recorded during the last week of 2022 and would be the highest average that Bankrate has seen in 40 years, Bankrate Chief Financial...