Credit Card Competition Act legislation, which could put consumer’s rewards at risk, is being reintroduced in Congress. Sens. Roger Marshall, R-Kan., Richard Durbin, D-Ill. and J.D. Vance, R-Ohio, reintroduced the legislation that aims to reduce swipe fees for credit cards by increasing competition within the industry, but it would also remove…

A new report by CreditCards.com reveals which states have the highest and lowest credit card debt burdens and where consumers may find it easier or more difficult to pay off that debt based on their earnings. The report, released Tuesday, found that Mississippi ranked as the state where consumers have…

Legislators in the House of Representatives pushed a bill forward that seeks to restore a COVID-19-era tax break for American families. U.S. Representatives Rosa DeLauro, D-Conn., Suzan DelBene, D-Wash., and Ritchie Torres, D-N.Y. recently introduced the American Family Act of 2023, which, if passed, would restore the expanded, monthly Child…

Americans facing increasing health care costs are being lured into using alternative debt financing products like medical credit cards and medical installment loans that can come with some costly side effects, the Consumer Financial Protection Bureau (CFPB) said in a report. These alternative debt instruments can carry interest rates above 25%,…

The Federal Reserve is expected to pause hiking interest rates at the conclusion of Wednesday’s meeting marking the end to 10 straight increases which have driven borrowing costs above 5% squeezing consumers and creating headwinds for the economy. Despite the pause, Americans are unlikely to see any relief according to…

A bipartisan group of lawmakers led by Rep. Lance Gooden, R-Texas, is pushing legislation that would significantly reform the credit card industry with the purpose of fostering greater competition, prompting widespread outcry from a diverse coalition of banks, credit unions and advocacy groups. Gooden on Wednesday introduced the Credit Card…

An inflation-adjusted boost to social security income and a rise in minimum wages has led to an increase in consumer spending at the beginning of 2023, according to a new Bank of America (BofA) report. Credit and debit card spending on BofA cards rose 5.1% annually in January, compared to…

Visa Inc., MasterCard Inc., and Discover Inc., have paused their work on a plan to track when cardholders make purchases at gun stores. The payment processing companies said Thursday they have suspended their work on the International Organization for Standardization’s new merchant category code (MCC) for firearms and ammunition stores.…

A majority of Americans said that inflation and rising costs has impacted their healthcare purchasing decisions or their ability to pay medical bills, according to a recent AccessOne survey. In January, the consumer price index, a measure of inflation, showed that overall prices grew by 6.4% from the previous year while prices…

You filed your taxes and your refund is in your hands. So, what do you plan to do with the extra cash? Save it? Invest it? Buy that new laptop you’ve been wanting? Go on a tropical getaway?  While all these are popular things Americans do with their refund money, it…