America’s Credit Card Debt Passes $1 Trillion
America’s Credit Card Debt Passes $1 Trillion Last month, America’s credit card balance was set to surpass $1 trillion with the average interest rate on a new credit card currently at 24 percent, which is the highest figure seen since the Reagan administration....
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress
CFPB Orders OneMain to Pay $20 Million in Penalties and Redress Last week, the Consumer Financial Protection Bureau (CFPB) ordered installment lender OneMain Financial to pay $20 million in penalties and redress due to a failure to refund interest that was charged to...
Latest Federal Reserve Economic Well-Being Report Finds Self-Reported Financial Well-Being Declined in 2022
Latest Federal Reserve Economic Well-Being Report Finds Self-Reported Financial Well-Being Declined in 2022 Last month, the Federal Reserve issued its “Economic Well-Being of U.S. Households in 2022” report, which shows that higher prices have negatively impacted the...
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022
CFPB Report Finds Overdraft and NSF Fee Revenue Dropped by Nearly 50% in Q4 2022 The Consumer Financial Protection Bureau (CFPB) recently released a report highlighting overdraft and non-sufficient funds (NSF) fee revenue, finding that revenue for the fourth quarter...
Nearly 40% of Americans Facing Difficulties Making Ends Meet, Census Finds
Nearly 40% of Americans Facing Difficulties Making Ends Meet, Census Finds The Census Bureau’s most recent Household Pulse Survey showed that 38.5 percent of American adults, or 89.1 million people, faced hardship in paying their typical home expenses between April 26...
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act Last week, U.S. Senators Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Joe Manchin (D-W.Va.) reintroduced the Credit Access and Inclusion Act. The... US Credit Card Debt Declined at Slower Pace than Usual in Q1 2023
US Credit Card Debt Declined at Slower Pace than Usual in Q1 2023 Recent data released by TransUnion shows that U.S. credit card debt declined at a slower pace than it usually does during the first quarter of each year. Since 2013, the average drop in credit card...
Report Finds Majority of U.S. Adults Say Money Has A Negative Impact on their Mental Health
Report Finds Majority of U.S. Adults Say Money Has A Negative Impact on their Mental Health A Bankrate report released earlier this month found that money has a negative impact on the mental health of 52 percent of U.S. adults, up from 42 percent in 2022. This group...
