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.
These Banks Have Eliminated or Reduced Overdraft Fees
If your bank still charges a fee for not having enough money in your account, you can switch to another bank that has gotten rid of them.
President Biden’s decision on student loan forgiveness is coming soon—what that could mean for borrowers
Millions of Americans could see their student debt wiped clean before the end of the summer — or, at least, get some more time to pay back their loans.
What’s the Difference Between Buy Now Pay Later And Credit Cards? Not Much, Experts Say
Products including the forthcoming Apple Pay Later are options for consumers looking to delay payments, but spending too much can be a problem.
After integrating Afterpay with Square Cash App and Seller ecosystems, in-store sales are up 384%
On May 17, Square announced that it will be extending Afterpay’s BNPL services to its in-store merchants in the United States and Australia. This news comes a mere 3 months after Block’s acquisition of Afterpay, which is aimed at introducing BNPL capabilities across all of Block’s online commerce and in-person sales ecosystem.
Cutting overdraft fees could save Americans $17 billion a year—but banks are slow to make changes
Over a decade since the Occupy Wall Street movement took over New York City’s financial district to protest banks’ greed and growing wealth inequality, Americans are actually paying less for their banking.
Americans are spending a lot less on overdraft fees, but it still adds up to billions
American households spent nearly $11 billion on overdraft charges last year, a cost that the Consumer Financial Protection Bureau has labeled a “junk fee.” That number might seem staggering, but it’s actually a lot less than consumers used to pay pre-pandemic, according to the Financial Health Network’s FinHealth Spend Report 2022 released Thursday.
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.
FinHealth Spend Report 2022
This year’s annual FinHealth Spend Report examines how households in America managed their finances and accessed credit during the second year of the pandemic, analyzing year-over-year trends for more than two dozen financial products and services.
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.