In the United States, credit card balances and the interest rates charged on those balances are on the rise. In the latest data, more than $870 billion in credit card debt is outstanding in the United States. Interest rates rose over the last several months,...
Investing and financial planning company Charles Schwab is moving from its current payment model to a subscription-based one that will provide more hands-on assistance, according to a report by Bloomberg. The company, which handles $3.5 trillion in assets, is hoping the switch will attract customers...
U.K. challenger bank Tandem Bank is trying to make it easier for consumers to save by launching a new savings account. According to a report in TechCrunch, the new savings account is powered with Tandem’s Auto Savings feature, and is a savings account built on top of...
New data has revealed that bank card default rates rose six basis points to 3.48 percent. S&P Dow Jones Indices and Experian just released data through February 2019 for the S&P/Experian Consumer Credit Default Indices, which found changes in consumer credit defaults. The information showed...
The Financial Conduct Authority (FCA), the U.K.’s financial watchdog, has found that some lenders are inflicting their credit card customers with an “unacceptable” number of charges and late fees. After a regulatory review of 100 lenders, the FCA has forced certain lenders to change their...
Credit card debt in the U.S. reached $870 billion at the end of last year, setting a record. Bloomberg, citing data from the Federal Reserve, reported credit card balances in the third quarter were $26 billion less. While spending tends to increase in the fourth...
Lawmakers grilled the heads of Equifax, Experian and TransUnion, calling the credit reporting a “broken” system — and new legislation introduced this week has some far-reaching changes. In the meantime, the CEOs said, proactive measures to address shortcomings — not just breaches — are in...
Mobile payment company Alipay is going to start charging a fee of 0.1 percent to customers who use the service to decrease their credit card debt, according to a report in The Wall Street Journal. The move is an effort to handle increasing costs for the...
Moody’s Investors Service, an American Credit rating firm, has released its quarterly Pulse of Consumer Credit report, and in a report emailed to PYMNTS, it showed some insights into the relationship between the population and its credit. The firm believes that “household debt delinquencies are...
