The Congressional Budget Office (CBO) said Wednesday (March 26) that if the debt limit is not raised or suspended, the government’s ability to borrow will probably be exhausted in August or September. The exhaustion date could vary depending on the government’s revenue collections and outlays...
The credit risk associated with large, syndicated bank loans remains moderate, although there are some continuing trends in weakened credit quality, three federal bank regulatory agencies said Monday (March 10). That’s according to a Monday press release from the Federal Reserve Board, the Federal Deposit...
Medical debt will no longer appear on consumers’ credit reports under a new government rule. The Consumer Financial Protection Bureau (CFPB)’s newly-finalized regulation, announced by the White House Tuesday (Jan. 7), will remove $49 billion in medical debt from more than 15 million Americans’ credit reports. That means lenders...
A dramatic rise in credit card debt over the last several years has pressured paycheck-to-paycheck consumers, with a disproportionate burden on those individuals and households that find themselves struggling to pay for the essentials of daily life, such as groceries. That’s according to the PYMNTS...
Credit is getting harder to come by, especially for auto loans, mortgages and those with low credit scores. Amid an environment where lenders are tightening, borrowers are feeling discouraged. The Credit Access Survey released Monday (Nov. 18) by the Federal Reserve Bank of New York...
Most student loan borrowers have had difficulty making their loan payments, but many don’t know they could choose a different repayment plan that could help lower their payments, the Consumer Financial Protection Bureau said Wednesday (Nov. 13). Forty-two percent of these borrowers have only ever been...
The money consumers saved during the pandemic has been spent. Savings are pressured, and credit card debt is mounting. When it comes to keeping current on auto loans, consumers are running out of gas (pun intended). This week, Ally Financial was in the spotlight as...
On its face, the shuttering of Tally, a FinTech focused on helping consumers manage credit card debt, offers a snapshot of how tough fundraising is in the technology arena, how cash, once burned, is tough to replenish. Beyond the cautionary tale for FinTechs overall in...
Banks have reported earnings, and the Federal Reserve’s quarterly report on the status of banks’ assets, liabilities and other aspects of financial conditions are in. June’s data is a snapshot in time. Some weekly data points from the Fed since then point to what we...
