In the spring, two formerly obscure acronyms, SVB and FDIC, became household names. That’s because after SVB (Silicon Valley Bank) collapsed due to a structurally weakened balance sheet, compounded by a panic-induced bank run, it entered into an FDIC (Federal Deposit Insurance Corporation) receivership along with two of its regional...
The Federal Reserve’s latest data on how loan performance at all banks is faring found pockets of resilience — and, perhaps, pockets of concern. Household debt has reached a staggering $17 trillion, and the Fed has estimated in recent months that credit card debt has passed the $1 trillion...
Earlier this summer, the Supreme Court struck down President Joe Biden’s student loan forgiveness plan. It was bad news for many borrowers, but not all of them. As Bloomberg News reported Sunday (Aug. 20), some borrowers have still had their balances erased, weeks before monthly loan payments...
With inflation still at high levels, Americans continue to rely on their regular paychecks to meet their expenses and financial obligations, with little or no savings left over for unbudgeted costs or emergencies. Over 60% of U.S. consumers lived paycheck to paycheck as of June this year...
Gen X has been walking a difficult financial tightrope over the past few years, and double debt duty may be leaving “The Forgotten Generation” in tighter financial straits than other age cohorts. Sandwiched between millennials and baby boomers (and aged 43 to 58 as of...
Federal student loan payments are resuming after a three-year moratorium, putting a dent in millennial and Generation Z consumers’ disposable income. And major retailers are poised to see their top lines pinched as a result. Disposable Income Takes a Hit PYMNTS’ data revealed that no...
Credit card use is up, and card balances are increasing. It may be the more vulnerable borrowers among us signaling that distress could lie ahead — particularly in auto loans and retail cards. Data released this week from VantageScore showed that credit card are delinquencies rising compared to...
How high is America’s credit card debt? The answer varies from source to source. Either way, it’s either more than or close to $1 trillion, according to a Tuesday (May 30) report by The Hill that examined consumers’ growing dependency on credit cards. “In 2021, we...
Credit card debt is at an all-time high. Although it’s not yet fully in the rear-view mirror, earnings season is signaling that where there’s smoke, there may be fire — or are at least some sparks. Drilling down into the supplementals and Securities and Exchange Commission (SEC)...
