Feds move to crack down on ‘excessive’ credit-card late fees
President Joe Biden is spotlighting new moves by the Consumer Financial Protection Bureau to cut excessive credit-card late fees that cost American families about $12 billion each year. The CFPB unveiled proposals that will potentially save Americans up to $9 billion a year by targeting late fees that are currently protected by an “expansive” immunity […]
Banks Brace for More Consumers to Fall Behind on Their Loans
Delinquencies are rising, in some cases surpassing prepandemic levels, prompting banks to add to their rainy-day funds. Source link
The ‘Buy Now, Pay Later’ Bubble Is About to Burst
As familiar as Americans are with the concept of credit, many of us, upon encountering a sandwich that can be financed in four easy payments of $3.49, might think: Yikes, we’re in trouble.Putting a banh mi on layaway—this is the world that “buy now, pay later” programs have wrought. In a few short years, financial-technology […]
Americans lean heavily on credit cards amid inflation
D3sign | Moment | Getty ImagesWith day-to-day expenses staying high due to inflation, more Americans are relying on credit cards to make ends meet.As the personal savings rate sank near an all-time low, credit card balances jumped 15% year over year, according to the latest quarterly report from the Federal Reserve Bank of New York, notching […]