Inflation may be cooling but it still pressures consumers. And, as PYMNTS has found in recent months, individuals are turning more frequently to their credit cards to meet the demands of paying for everyday expenses. To get a sense of the magnitude of that shift,...
LendingPoint has added a personal financial health and management tool to its artificial intelligence (AI)-driven CreditTech platform. The new tool, which is now available for free to all LendingPoint customers via the mobile app, allows customers to set financial goals, analyze spending by category, receive tailored...
In a credit-based economy such as that of the United States, credit scores determine more than whether consumers qualify for a mortgage or auto loan. Often, access to credit can also decide whether or not consumers can afford everyday essentials. Credit access is critical, yet...
Consumer credit grew at a seasonally adjusted annual rate of 4.3% in June. Revolving credit decreased at an annual rate of 0.6% during the month, while nonrevolving credit increased by 6.0%, the Federal Reserve said in a Monday (Aug. 7) statistical release. Consumer credit includes most...
Rising prices for everything from food to housing continue negatively affecting United States households’ financial well-being. Even as consumers continue to adjust spending to make ends meet and put aside savings, 61% of consumers lived paycheck to paycheck as of June 2023, with 21% struggling...
When student loans resume this fall, many borrowers will send payments to new providers. Roughly 44% of federal student loan borrowers will have a new loan service company, AL.com reported Sunday (July 30), citing data from the Consumer Financial Protection Bureau (CFPB). According to the report, three...
Until recently, consumers were largely paying off cards and other loans. Current headwinds may change that. It is a testament to consumer resiliency that credit card late payments and other delinquencies have remained low for so long, despite the prolonged challenge of doing more with...
Paid-off homes and higher savings cushions could be behind the elder generation’s purchasing abilities. Even as they ease out of their peak earning power, baby boomers and seniors remain the generation most able to make ends meet. Born before 1964, members of this demographic are...
Amber Carroll, senior vice president of membership and lifecycle strategy at LendingClub, told PYMNTS that the Federal Reserve’s long-quoted stat on financial well-being could use a freshening up. As has been widely reported through the years, the Fed has said that a significant percentage of...
