Credit card debt is up 13% from last year, New York Fed reports
The amount of debt people are carrying on credit cards is growing fast. In the second quarter of this year, from April to June, balances were 13% higher than they were a year earlier, according to new data from the Federal Reserve Bank of New York.
Rising household debt has more Americans struggling: NY Fed
Household debt continues to rise, proof that more families are struggling to make ends meet, fintech industry executives believe.
Credit card debt is getting pricier. Here’s how to pay if off.
Carrying credit card debt is getting more financially wasteful for consumers as the Federal Reserve jacks up interest rates in a bid to tame soaring inflation.
Revolving debt’s challenge to financial health and one way to help consumers pay it off
Credit cards offer consumers convenience as both a payment vehicle and a source of short-term credit. Revolving credit permits consumers to enjoy immediate purchase of goods and services (in the absence of funds or in lieu of tapping savings), to make large ticket purchases without having to save for them in advance, and to smooth consumption in the face of short-term income and expense shocks.
Financial Health Network Releases New Research Finding that Financially Vulnerable Consumers Most Likely to Use and Struggle With Repaying Buy Now, Pay Later Loans
Data also shows overwhelming majority of users understand terms and are successfully using the product.
Buy Now, Pay Later: Implications for Financial Health
In this brief, we leverage findings from a nationally representative survey to better understand the buy now, pay later (BNPL) market, the users who are driving it, and the implications for their financial health.
Debt Matters: Employers are Missing a Key Benefit Need Among Workers
While retirement savings accounts and health insurance benefits are common offerings for full-time employees at large companies, and many employers have begun offering student loan repayment support in recent years, few workplaces provide help with managing other forms of debt.
Consumer Financial Data: Legal and Regulatory Landscape
Explore the federal framework governing consumer financial data in the United States and learn the critical questions arising from our changing financial data ecosystem.
How Financial Institutions Can Structure Small-Dollar Credit for Financial Health
Recent regulatory developments have opened opportunities for lenders – particularly banks – to offer small-dollar credit. Data shows that investing in customers’ financial health results in greater long-term loyalty and profitability. In this brief for financial institutions and other lenders, the Financial Health Network offers a series of recommendations for supporting the short and long-term financial wellness of small-dollar credit customers.
Financial Health Can Be So… Retro
Some of the most popular financial health tools introduced by fintechs actually replicate and automate habits and “life hacks” that many households used successfully before the era of electronic banking and payments. These digital “retronovations” bode well for banks and credit unions seeking to offer services that help their customers while also bringing subscription revenues that lessen institutions’ dependence on penalty fees.
Credit Union Spotlight: Measuring to Improve Member Financial Health
These case studies highlight our measurement of transactional indicators with three credit unions, enabling them to drive positive impact for their members and their businesses.
Borrowing Opportunity: Using KPIs to Track Small-Dollar Lending Success
In this case study, we highlight our evaluation of Nusenda Credit Union’s small-dollar lending program, highlighting the positive impact on its participants and the business.