FinHealth Spend Report 2023
What are Americans paying for financial services as the country emerges from the COVID-19 pandemic? This year’s FinHealth Spend Report – our long-running national study on the costs of financial services to U.S. households – reveals that spending has soared in the past year amid a turbulent economy and persistent inflation.
Overdraft Trends Amid Historic Policy Shifts
Overdraft and non-sufficient funds (NSF) fees remain a reality in America’s modern banking system, but the landscape is rapidly evolving. This FinHealth Spend Product Spotlight sheds light on the state of overdraft today, the consumers who use it, and potential implications for financial institutions and policymakers.
Cryptocurrency ownership declining more in some groups than others
While it is no surprise that recent market shenanigans have caused investors to shed their cryptocurrency holdings, some are leaving the asset class more than others.
‘Buy now, pay later’ is booming. So are its problems.
If used as intended, "buy now, pay later" can be a cheaper and easier alternative to a credit card.
BNPL connected to overdraft charges, card fees: study
The study showed BNPL services inspired consumers to spend beyond their means, and frequent users displayed larger declines in financial health, according to the study.
Revolutionizing financial services
After eliminating overdraft fees in 2021, Ally Financial is using its platform to shed light on social inequities.
‘It Ruined Everything’: Buy Now, Pay Later Drives Gen Z Into Debt
Digital payment products have become particularly attractive – and risky – for young consumers.
10 common bank fees that are costing you, and expert advice for avoiding them
Banks are not one-size-fits-all. When you’re evaluating where you want to park your money, there are several factors you’ll have to weigh to find the right one for you. One major consideration you’ll need to consider: fees.
Unpacking the CFPB report on BNPL, in 4 charts
Late last year, the CFPB issued orders to five non-bank BNPL lenders, asking for detailed information on the activities and risks inherent to their lending practices. “We have ordered Affirm, Afterpay, Klarna, PayPal, and Zip to submit information so that we can report to the public about industry practices and risks,” said CFPB director Rohit Chopra.
‘I Know I Have an Issue’: Does ‘Buy Now, Pay Later’ Convince People to Overspend?
“Buy now, pay later” companies say they’ve created “a fairer and more sustainable alternative” to credit cards. Some users say they also change spending habits for the worse.
Biden cancels up to $20,000 in student loan debt for millions of Americans, extends payment pause
President Biden said Wednesday he is taking action to cancel up to $10,000 in federal student loan debt for millions of Americans and an additional $10,000 for low-income borrowers while extending a pause on monthly payments, delivering long-awaited relief just weeks before the midterm elections.
The rapid demise of NSF fees
Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases.