Monthly government release reflects what lenders’ recent earnings reports have hinted: millennials are sinking in debt. The Federal Reserve Bank of New York released its February Survey of Consumer Expectations, and debt delinquency expectations overall are on the decline. The share of consumers expecting to...
SoFi says the ongoing federal student loan payment moratorium has cost it $400 million. The personal finance company has sued the U.S. Department of Education to end the three-year-old pause on loan repayments, claiming in a recent lawsuit that the moratorium has no legal standing...
A strong labor market and pandemic relief programs helped consumers keep current on their bills. As a result, from 2018 to 2022, the total number of collections tradelines on consumers’ credit reports dropped by 33% and the share of consumers with a collection tradeline on...
The Bank of England said financial institutions should expect more scrutiny of their credit portfolios. “The operating environment for firms remains challenging,” the central bank wrote in a letter to deposit takers Tuesday (Jan. 10). “The impact of increasing interest rates, inflation and high cost...
Consumers’ debt grew at a seasonally adjusted rate of 7.1% in November. The Federal Reserve reported in a Monday (Jan. 9) statistical release that revolving credit leapt at an annual rate of 16.9% during the month, while nonrevolving credit grew at an annual rate of...
New data from the Federal Reserve Bank of New York shows American household debt continuing to climb, with credit card balances jumping at their largest rate in two decades. According to the Quarterly Report on Household Debt and Credit by the Fed’s Center for Microeconomic...
After a 10-year boom flush with venture capital cash, startups are taking on more risk and debt as investors put away their checkbooks and offer loans instead. During the good times of high valuations and VCs competing to invest, startups had little need for venture...
Total household debt has increased to $16.2 trillion in the second quarter of 2022, up $312 billion in the past three months and $2 trillion higher than at the end of 2019, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data...
The Federal Trade Commission (FTC) issued more than $4.8 million in refunds to victims of unlawful debt collection practices last year, the agency said in a Friday (April 15) press release after publishing a report. In the report — a yearly summary of activities compiled...
