More Consumers Now Using Buy Now Pay Later for Everyday Expenses
More Consumers Now Using Buy Now Pay Later for Everyday Expenses Buy Now, Pay Later (BNPL) loans have become popular payment methods for big-ticket items, but consumers have been using them recently for everyday purchases, likely due to increased prices for goods...
New Fed Data Shows Consumer Credit Usage Hit Record High in May
New Fed Data Shows Consumer Credit Usage Hit Record High in May According to new data released by the Federal Reserve last week, consumer borrowing rose by $22.3 billion between April and May, pushing total outstanding credit to a record high. Despite reaching a new...
Credit Reporting Companies Introduce First Phase of Changes to Medical Collection Debt on Credit Reports
Credit Reporting Companies Introduce First Phase of Changes to Medical Collection Debt on Credit Reports Earlier this month, Equifax, Experian, and TransUnion introduced the first phase of changes to medical debt that was announced earlier in the year. All medical...
Survey: Majority of Americans Uncomfortable with Emergency Savings as Balances Decline
Survey: Majority of Americans Uncomfortable with Emergency Savings as Balances Decline A recent Bankrate report found that 34 percent of Americans have less emergency savings than they did one year ago, and only 24 percent have more. Consequently, 58 percent of...
CFPB Issues Report Exploring Impact of Credit Card Line Decreases
CFPB Issues Report Exploring Impact of Credit Card Line Decreases Last week, the Consumer Financial Protection Bureau (CFPB) issued a new report looking into how credit card companies decreased credit availability during both the Great Recession and at the start of...
Survey Finds 41% of Americans Now Need Side Gig Income for Living Expenses
Survey Finds 41% of Americans Now Need Side Gig Income for Living Expenses A Bankrate survey released last week found that 41 percent of American adults who have side jobs need it to cover their living expenses instead of putting it into a savings account or using it...
House Financial Services Committee Pulls Bill Limiting Overdraft Practices
House Financial Services Committee Pulls Bill Limiting Overdraft Practices Two sources have told American Banker that the House Financial Services Committee (HFSC) recently set aside the Overdraft Protection Act, a bill introduced by Representative Carolyn Maloney...
Biden Names Mohegan Chief Marilynn Malerba U.S. Treasurer, Marking First Native American To Hold Position
Biden Names Mohegan Chief Marilynn Malerba U.S. Treasurer, Marking First Native American To Hold Position Last Tuesday, U.S. President Joe Biden announced his intent to appoint Marilynn Malerba, Chief of the Mohegan Tribe, to be Treasurer of the United States. Chief...
