Senators Bernie Sanders, I-Vermont, and Josh Hawley, R-Missouri, introduced a bill Tuesday (Feb. 4) that would cap credit card interest rates at 10%. The Sanders-Hawley bill would cap the interest rates immediately and the legislation would remain in effect for five years, the senators said...
Ally Financial has sold its credit card business to consumer finance company Cardworks. The deal, announced in a news release Wednesday (Jan. 22), will see CardWorks and its subsidiary Merrick Bank acquire Ally’s credit card portfolio of $2.3 billion in credit card receivables and 1.3 million active cardholders. “Ally’s decision...
The Federal Trade Commission (FTC) has begun sending more than $5 million in refunds to consumers who were harmed by a deceptive credit card debt relief scheme. The funds in this distribution came from ACRO Services, which operated under multiple names and ran the scheme,...
Credit card defaults are at their highest level since 2010 as consumers feel increasingly stretched. As the Financial Times (FT) reported Sunday (Dec. 29), card lenders wrote off $46 billion in seriously delinquent loans in the first nine months of this year, a 50% jump...
December 17, 2024
Securities and Exchange Commission (SEC) filings from several card issuers offer up a mixed portrait of the U.S. consumer in November. Delinquency rates were lumpy, though down a bit from October. Charge-off rates were higher, and overall, the data confirm PYMNTS Intelligence’s own findings from this past fall that indicate some struggling with the debt […]
October 09, 2024
Despite the volatility month to month on credit card debt, per government reports, the trend remains, generally, upward and to the right. And for consumers already shouldering that card debt,...
September 23, 2024
The initial euphoria that greeted the Federal Reserve’s decision this past week to cut interest rates for the first time in four years was keenly felt on Wall Street. The...
August 06, 2024
Delinquency rates are unchanged, at least in the second quarter. But debt is still rising, indicating the pressures of recent and continued spending on credit cards, on new auto loans...
March 09, 2025
Banking giants are trying to catch up to FinTechs in offering pay later services. A report Saturday (March 8) by the Financial Times (FT) examines this trend, using the example of JPMorgan Chase’s recent partnership with Klarna to offer installment loans to its 900,000 business clients. Citi, meanwhile, began offering deferred payment loans through Apple […]
February 04, 2025
Senators Bernie Sanders, I-Vermont, and Josh Hawley, R-Missouri, introduced a bill Tuesday (Feb. 4) that would cap credit card interest rates at 10%. The Sanders-Hawley bill would cap the interest...
January 22, 2025
Ally Financial has sold its credit card business to consumer finance company Cardworks. The deal, announced in a news release Wednesday (Jan. 22), will see CardWorks and its subsidiary Merrick Bank acquire Ally’s credit card...
January 21, 2025
The Federal Trade Commission (FTC) has begun sending more than $5 million in refunds to consumers who were harmed by a deceptive credit card debt relief scheme. The funds in...
