A return to “normal” debt – financially vulnerable left behind
The economy has been through the wringer for the past few years. Skyrocketing inflation in the wake of the COVID-19 pandemic brought with it a series of rapid rate rises that still may not have reached an end.
Americans paid 14% more for financial services last year: Report
Consumers spent $347 billion on interest and fees in 2022, up from $304 billion the previous year, according to a report from Financial Health Network, a nonprofit organization that focuses on improving Americans' financial outcomes.
Fees, interest charges rise to $347B: report
The report from the Financial Health Network, a Chicago-based nonprofit focused on consumer financial health, offers some insight into how much consumers rely on buy now, pay later services. The report said a third of users had turned to BNPL two or more times in the month before participating in the survey, signaling that consumers are “loan stacking.”
‘Added suffering for families already struggling to get by’: Spending on loan interest and fees soared in 2022
Americans paid $40 billion more on interest and fees than in 2021, with financially vulnerable families paying 28% of that total — despite making up only 15% of the total population.
Overdraft Fees Are Dwindling, Study Finds
But the share of people paying the fees remains unchanged, and they’re often among the most financial vulnerable.
2023 FinHealth Spend Report Finds Fees and Interest on Non-Mortgage Financial Services Skyrocket 14% to $347 Billion
New research from Financial Health Network documents the real cost to Americans of rising interest rates and expanding post-pandemic credit balances
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.