The federal student loan pause is saving borrowers $1.5 billion in interest each month
As the debate around student loan debt cancellation swirls, the pause on federal loan payments is having a pronounced effect on borrowers' bottom lines: It's saving them $1.5 billion each month in interest payments, a new report estimates.
2022 FinHealth Spend Report Marks First-Ever Decline in Ten Year History of Tracking Fees and Interest Paid for Everyday Financial Services
Reduction attributed to student loan debt moratorium, pandemic-related decline in credit card debt and government stimulus funds allowing many to avoid high-cost lending; but underserved populations still pay greater proportion of fees and number of factors indicate likely rise in year ahead.
How hospitals and health systems can help patients avoid medical debt
While the goal of the American health care system is to improve health and well-being, it triggers financial hardship for many people. One in five U.S. households have incurred medical debt, making it the most common form of unpaid bill for which consumers are contacted by debt collectors, and a reason why many people forgo getting the health care they need.
Should employers offer financial education to their workers? More are saying yes amid the Great Resignation
In the continuing war for talent in the American workplace, employers have been adding more perks to attract and retain employees. That includes paying more attention to the financial well-being of their workers.
Improving Benefits Systems With Nonprofit-Fintech Partnerships: 2022 Exchange Challenge
The 2022 Exchange Challenge focuses on nonprofit-fintech partnerships that can advance financial health for people navigating benefits systems.
The Biden Administration Announces New Actions to Lessen the Burden of Medical Debt and Increase Consumer Protection
Vice President Kamala Harris to announce reforms across four areas to ease the burden of medical debt, giving more American families the opportunity to thrive
Better Together: Meeting the Needs of Consumers of Color Through Partnerships
Change Machine and NALCAB share some key takeaways for nonprofit practitioners and fintech providers who are committed to reducing the digital divide.
BNPL effects on financially vulnerable coming into focus
The use of buy now, pay later (BNPL) services has exploded over the past few years, and only now are we beginning to learn the impact of that boom. In March, the Financial Health Network released Buy Now, Pay Later: Implications for Financial Health.
How Traditional Banks and FinTechs Can Help You Manage Your Money
Financial institutions can help consumers who are struggling to spend, save, borrow, and plan by focusing on bettering financial health. How is your financial health? Chances are it could be better.
How Matt Bahl is Shaking Up HR with Empathy & Support
Matt Bahl has been involved in the field of human resources (HR) for nearly a decade. For our latest Faces of HR profile, we sat down with Matt to discuss how he got his start in the industry, his biggest influences, as well as his “best mistake” and what he learned from it.
ID Access for Returning Citizens: Learnings from the Field
Access to mainstream financial services, like a bank account, is critical to financial health and provides people with a safe way to store money, transact, pay bills, and build savings. But, being “banked” remains a financial health challenge for many. In 2019, according to the FDIC, more than 5% of U.S. households – 7 million […]
One in Four BNPL Users Are Financially Vulnerable
This is according to new data released by the Financial Health Network (FHN), which has brought to light how financially vulnerable consumers are the most likely to use BNPL and are also the most likely to struggle repaying loans.