It’s hard to imagine a world without credit cards. After all, there were close to 480 million of them being used by U.S. consumers as of the fourth quarter of 2018, up more than 100 million since the Great Recession of 10 years ago. And...
New data has found that American teens are estimated to spend $2,371 per year — the lowest level for the age group since the fall of 2011. A survey by Piper Jaffray gathered the data from 9,500 teens across 42 U.S. states, with an average...
The good news for customers — and the challenge for financial services players, both established and emerging as the decade comes to a close — is that when it comes to payments, this is the era of customer choice. Walking around at the Sibos conference...
The Catch-22 is a familiar part of the early life of many consumers looking to get credit for the first time. They can’t secure underwriting because their financial file reveals no credit history, and they can’t establish any credit history because no one wants to...
Plaid said today (Sept. 18) that it is releasing new developer tools to combat credit card debt. The company launched its new Liabilities product in July, which provides developers with access to real-time information about what consumers owe, starting with their student loans. These new...
Pretty much every consumer knows the pain of filling out applications for automotive loans, mortgages and other types of borrowing, of having to produce pay stubs or W-2s to prove that your income is high enough for the particular purchase. Moreover, pretty much every lender...
A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. The American Consumer Financial Innovation Network (ACFIN) aims to augment shared...
Interest rates are volatile, fears of a recession are spiking, central banks are cutting rates. In an interview with Karen Webster, LendingClub CEO Scott Sanborn lays out how the firm is positioning itself to grapple with a range of macro-driven challenges — and why LendingClub...
Citigroup reported that its July credit-card delinquency rate increased to 2.91 percent in July, up from 2.56 percent in June. The lender’s three-month average is 1.54 percent, with a net charge-off rate of 2.91 percent, an increase from 2.56 percent in June, reported Seeking Alpha. The three-month...
