Only a few weeks into the current earnings season, and top-line momentum and commentary from firms, including banks and the payment networks, have all pointed to the resilience of the U.S. consumer. But while they are indeed opening their wallets — both physically and digitally...
The Consumer Financial Protection Bureau (CFPB) said Wednesday (Jan. 29) that it will continue to protect servicemembers’ financial interests after finding that servicemembers pay more than civilian borrowers when taking out credit to buy a car. “Because servicemembers are often required to have a personal...
For American consumers, making minimum monthly credit card payments is becoming the norm. That’s according to a report Saturday (Jan. 25) by The Wall Street Journal (WSJ) on an uptick in credit card spending among consumers. For example, JPMorgan Chase, the largest bank in the...
Treasurers can play a vital role in consumer packaged goods (CPG) firms. Their input allows for better management of liquidity and positively influences the firm’s financial health. But how often is their expertise underused? Treasurers at CPG firms report barriers, such as limited collaboration opportunities...
The promise of eliminating medical debt from credit reports — per the finalized rule from the Consumer Financial Protection Bureau (CFPB) — is that consumers’ credit scores will go up, and in some cases significantly. The numbers are a bit eye-popping, as the agency has...
November’s stats from the Federal Reserve on consumer credit — known as the G.19 report — show a reversal from recent months, where households kept borrowing, padding balances, and using cards and other loans to finance daily life. The question is: Was the decline in...
Ally Financial is reportedly cutting staff, ending mortgage originations and rethinking its credit card business. The company will lay off less than 5% of its workforce, Bloomberg News reported Wednesday (Jan. 8), citing a statement from an Ally spokesperson. “As we continue to right-size our...
Credit takes center stage in the spending habits and financial lifestyles of today’s consumers. Increasingly, consumers strategically use multiple credit products to maintain financial flexibility and maximize benefits. Credit cards remain the most widely used product, with 68% of consumers holding active accounts. Higher-income consumers...
Profound shifts in consumer behavior and priorities characterized 2024. As of November, 67% of consumers live paycheck to paycheck. In fact, this is the highest rate we’ve found since 2020. Even high-income households have felt the impact. Rising costs, inflation and static incomes are driving...
