More than 9 million student loan borrowers have missed at least one payment this year. That’s according to a report Saturday (Dec. 13) from the Financial Times (FT), which notes that delinquencies in the $1.7 trillion student loan market are soaring following the end of...
Bank of America strategists reportedly expect consumers’ growing use of prediction markets and sports gambling sites to create new credit risk for lenders. Users’ losses on these platforms could create financial stress, with consumers taking on too much debt and defaulting on loans, the bank’s...
For Synchrony Chief Financial Officer Brian Wenzel, the story of today’s consumer isn’t about inflation, credit tightening, or macro stress signals. It’s about expectation. Throughout his Monday Conversation with PYMNTS CEO Karen Webster, a theme surfaced again and again: consumers are gravitating toward platforms, products,...
The “Wage to Wallet™ Index: Wage Volatility’s $14B Consumer Spending Gap,” a collaboration between PYMNTS Intelligence, WorkWhile and Ingo Payments, offers a detailed look inside the U.S. Labor Economy at a moment when small shifts in wages are delivering outsized consequences for spending, confidence and...
Cash App has announced that it will test a feature that allows users of its money app to see how their choices affect the company’s lending decisions, and a feature that lets its cardholders turn purchases into pay-over-time loans. In a pilot program that has...
Zillow is offering a tool designed to let renters build credit through rent payments. CreditClimb, announced by the real estate company Wednesday (Nov. 19), lets renters have their on-time payments reported to the three major credit bureaus — Equifax, Experian and TransUnion — for $20 per year. It also allows renters to monitor...
FinTech company FIS has added U.S. consumer auto finance capabilities to its FIS Asset Finance platform. These new capabilities join the wide spectrum of commercial, retail and wholesale finance operations globally that are already supported by the platform, FIS said in a Tuesday (Nov. 18)...
A tightening credit backdrop is changing how Americans think about credit cards, from whether to apply for a new account to how often to ask for a higher line. PYMNTS Intelligence data and the most recent New York Federal Reserve Bank’s Credit Access Survey together...
Record levels of late car payments is putting pressure on subprime auto lenders. That’s according to a Friday (Nov. 14) report by Bloomberg News, which said this is happening in the wake of the recent collapses of Tricolor Holdings and PrimaLend Capital Partners. The number...