Economic hardship is causing more people to rely on credit to cover living expenses, and some have even maxed out their credit cards to deal with inflation and rising prices, according to a recent survey. Credit card balances surged past the trillion dollar mark in the fourth quarter of 2023. The…

Americans are drowning in credit card debt.  New data published by the Federal Reserve Bank of Philadelphia shows that a growing number of Americans are struggling to make their monthly credit card payments as they continue to battle high inflation and interest rates.All stages of credit card delinquency — 30,…

A growing number of consumers who use buy now, pay later (BNPL) services and are attracted to their ease of access, but they are at risk of becoming overextended, according to a recent survey.  Over a third (34%) of respondents said they liked BNPL services because they allowed them to…

Small businesses are increasingly turning to credit cards as a key source of funding as they continue to grapple with still-high inflation and rising borrowing costs.  New findings published by Bank of America show that small businesses are reacting to inflationary pressures within the economy by relying more on credit…

The latest crop of young adults in the U.S. is leaning more on credit than the generation before, and experts expect the problem to get worse before it gets better as elevated inflation continues to rage. A new report from TransUnion released Wednesday shows Gen Z adults, ages 22 to…

Federal officials on Thursday announced that they are investigating “bait and switch” schemes associated with credit card rewards and travel programs.    The Consumer Financial Protection Bureau (CFPB) analyzed “several hundred consumer complaints” that are related to the administration of credit card rewards programs. In its analysis, the agency said…

Americans are racking up more credit card debt as still-high inflation and steep interest rates continue to make the cost of everyday necessities more expensive.  The New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit, slated for release on Tuesday morning, is expected to show that credit…

Americans racked up more debt at the beginning of 2024 – and a growing number of households fell behind on payments for several types of loans, according to a New York Federal Reserve report published Tuesday. In the first three months of 2024, total household debt surged to a fresh…

The Biden Administration has been trying to create laws and rules that would limit “junk fees” charged by credit card companies and other companies with consumer fees. One of those rules would limit credit card companies from charging late fees. The rule would drop the average credit card late fee…

Americans are racking up more credit card debt as they continue to battle high inflation and interest rates. New data published Thursday by TransUnion shows the average debt per borrower hit $6,218 at the end of the first quarter, an 8.5% increase from one year ago.Consumers owe a collective $1.02 trillion…