Current economic and financial conditions force consumers to tap overdrafts across income levels and credit personas. One in 5 consumers experienced overdrafts or declined transactions in the last year due to insufficient funds in their bank account. Nearly half of credit marginalized consumers experienced these...
Earnings statistics suggest that consumers are not quite feeling comfortable about freely spending again — at least for retailers of nonessential goods. Much to the relief of many retailers nationwide, shoppers are generally returning to spend at a rate that’s finally outpacing inflation after many months of limiting...
There’s a clear preference for credit card installment plan versus buy now, pay later (BNPL) preferences by baby boomers and seniors. Of these surveyed consumers, 20% had used credit card installment plans heavily: five times or more over the three months previous to being surveyed,...
We’re spending money as fast as we can make it — and even faster, it seems. The latest government release from the Bureau of Economic Analysis (BEA) on personal income and outlays showed that personal income increased 0.2%, or $45 billion in July. The BEA also estimated...
Inflationary pressures have yet to abate fully, making it necessary for many United States consumers to adjust their lifestyles to live within their means. Even as consumers work hard to manage budgets and put aside savings, 61% lived paycheck to paycheck as of July 2023,...
As restaurant prices continue to rise, even the most enthusiastic diners are beginning to pull back on eating out and ordering in, PYMNTS research reveals. By the Numbers According to surveys carried out for PYMNTS’ “Connected Dining” series, as of June, only 7.4% of restaurant...
Cross River Bank has partnered with FinTech platform Current to launch a new credit-building product that will benefit Current’s over 4 million members. The credit-building product will enable Current members to establish or rebuild their credit histories through a single spending balance, the companies said in a...
Consumers making between $50,000 and $100,000 may be caught in a middle-income “crunch” these days as inflation’s growth slows while still trending upwards, and real wages stagnate. While these issues plague all consumers, this demographic has the most consumers just making enough to get by while paying...
Americans credit card payment delinquencies are starting to pile up. Per the latest Federal Reserve report, credit card balances rose past $1 trillion for the first time in the survey’s history. But things aren’t that simple. “When we talk about consumers and credit, you really...