A growing number of Americans are falling behind on their monthly credit card and car loan payments, a trend that may be a harbinger of economic troubles ahead, according to a new report from Moody’s Analytics. Findings published by Moody’s indicate that household debt balances jumped to $17.29 trillion in…

The amount of money Americans plan to allocate for the holidays this year is on track to surpass pre-pandemic levels for the first time. In 2023, holiday spending is expected to grow between 3% and 4% over 2022 volumes, to between $957.3 billion and $966.6 billion, according to the National Retail Federation…

Americans have continued to open up their wallets and spend over the past two years, even in the face of stubborn inflation and high interest rates.  However, there are some signs the willingness among consumers to keep paying steep prices is beginning to fade.New data published by Wells Fargo indicates…

Americans are earning more, but rising costs and high interest rates have outweighed the benefits of higher pay, according to a recent study by Achieve.  Despite having higher income, consumers who are grappling with significant levels of debt are currently in a worse financial situation compared to those who faced similar challenges…

Apple is pulling the plug on its credit-card partnership with Goldman Sachs, the final nail in the coffin of the Wall Street bank’s bid to expand into consumer lending.   The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12 to 15…

Americans now owe $1.08 trillion on their credit cards after racking up a collective $48 billion in new spending during the third quarter of 2023, according to a recent report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching…

Seven banking sector trade groups warned in a joint letter to lawmakers that efforts to set a nationwide 36% interest rate cap on consumer loans may do more harm than good. The amendment, from Sens. Jack Reed, D-R.I., and Jeff Merkley, D-Ore., would impose the Military Lending Act (MLA) annual…

TransUnion said it will cut its workforce by 10%, or roughly 1,300 jobs, as part of a plan to reduce costs and fund growth, the consumer credit reporting agency announced Wednesday.  The company expects to deliver $120 to $140 million of annualized operating expense savings and a $70 to $80…

As Americans grapple with record-high debt and stubborn inflation, many also struggle with credit card debt. In fact, more than half (61%) of Americans have credit card debt today and they owe an average of $5,875, according to a survey by Clever. And many aren’t just using plastic for luxury.…

Goldman Sachs plans to begin a process to unload its credit-card program in another step away from its failed foray into consumer lending. The bank on Tuesday informed a group of employees within its Platform Solutions division, who work on the GM card, that a process to find a new…