Nearly half of Americans are still paying off 2023 holiday debt, survey says

Nov 29, 2024
The proportion has doubled since last year. Amid constant advertising, more people have credit card balances and those balances are rising.
"Holidays are No. 1 in terms of a big spending spike,” notes Ted Rossman of Bankrate.
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Data shows more loans are being rejected — but why?

Nov 19, 2024
The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.
Nancy Vanden Houten, lead economist at Oxford Economics, said lower-income borrowers are having the most trouble with credit card and auto loan applications.
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American consumers continue to rack up debt

Oct 7, 2024
Consumer credit overall increased, while revolving debt — that’s mostly on credit cards — was down 1.2%, according to the Federal Reserve.
High interest rates on credit cards have barely budged, despite the Fed's highly anticipated rate cut last month.
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Americans added more than $11 billion of consumer debt in May

Jul 9, 2024
The amount includes money owed on things like credit cards, auto loans and student loans. Delinquencies are also rising.
Loan delinquencies 90-days or more past due are now the highest in more than a decade. 
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Credit card companies see big opportunity in small business spending

May 17, 2024
Small business spending has been fairly slow recently, according to American Express. But credit card companies see a lot of potential in the market.
The competition for business owners’ wallets has been heating up, despite today’s subdued spending environment.
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Gen Z is taking on more credit card debt

May 9, 2024
The credit bureau TransUnion is out with a report showing that borrowers aged 22 to 24 are carrying an average of $2,834 in credit card debt — about a quarter more than millennials in the same age range a decade ago.
Adjusted for inflation, members of Gen Z ages 22 to 24 are carrying roughly a quarter more debt than millennials in the same age range a decade ago.
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A cap on credit card fees would hurt department stores most

Apr 29, 2024
Charge cards have become an important piece of the bottom line for department stores, including Nordstrom, Macy’s and Kohl’s.
It's often easier to get approved for a store card than a bank-issued card, but interest rates are higher.
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For public good, not for profit.

The fees war between retailers and credit card companies is heating up

Feb 26, 2024
Merchants paid $126 billion in credit card fees in 2022, up 20% from the year before. The pushback is playing out in lobbying campaigns and Congress.
Merchants from gas stations to ice cream shops to Amazon have complained about credit card fees and contracts, and many are lobbying for credit card regulation.
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Buying Discover would make Capital One bigger — and give it a payments network

Feb 20, 2024
There are only four such networks for credit cards, and building a new one can take decades.
Buying a payments network is a lot easier than starting one, says Andrew Davidson with Comperemedia.
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Larger credit card issuers charge higher rates than smaller ones

Feb 16, 2024
Consumers often choose a familiar name, despite the costs. The CFPB's findings come as credit card debt in the U.S. is rising.
The median interest rate that larger issuers offered to customers with good credit is 28%, according to the Consumer Financial Protection Bureau.
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