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Credit seems easier to get, survey says, but people worry about missing payments

Oct 16, 2024
Even though interest rates have been falling, people are more reluctant to take on new debt.
The Federal Reserve Bank of New York surveys consumers every month about their economic expectations.
Leonardo Munoz/AFP via Getty Images

New guidelines aim to make sure bank mergers benefit communities

Sep 20, 2024
The rules were updated by several federal regulators this week, including the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.
Under the new guidelines, regulators will consider whether a bank merger would give small businesses more access to credit.
Ozan Kose/AFP via Getty Images

Credit card delinquencies are up year-over-year, but that's not the whole story

Jun 19, 2024
A more detailed look at the numbers reveals a more complex picture about Americans' debt.
While wealthier consumers are paying down debt, which boosts their credit scores, lower-income consumers are struggling to keep up with payments.
Olivier Douliery/AFP via Getty Images

Buy now, pay later programs — useful tool or slippery slope?

Jun 18, 2024
At a time of high prices and interest rates, BNPL offerings are tempting. But they could lead vulnerable consumers into a debt spiral.
BNPL users generally carry more debt and have less money in the bank, according to research from the Boston Fed.
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Buy Now, Pay Later platforms will soon be more regulated

May 22, 2024
The Consumer Financial Protection Bureau announced new rules today requiring companies like Afterpay and Klarna to investigate when customers dispute a charge, and issue refunds for returned products. They'll also have to provide periodic billing statements.
Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks at a Senate hearing. The CFPB recently announced new rules for Buy Now, Pay Later firms that signal the CFPB will move toward treating them like credit card providers.
Michael A. McCoy/Getty Images

What should you do if your Social Security number is stolen?

May 10, 2024
Freeze your credit, and don’t be afraid to ask for help or use free, online resources, experts say.
Make sure you consistently review your financial statements to spot fraudulent activity.
Sean Anthony Eddy/Getty Images Plus

Lending by nonbanks is now a trillion-dollar business

Jan 16, 2024
Small and medium-size businesses are increasingly getting loans from nonbank entities like hedge funds or private equity firms.
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Delinquency rates rise for some types of household debt

Jan 8, 2024
But other positive factors in the economy are limiting the potential damage, economists say, like low unemployment.
Loan delinquencies are rising the most among young borrowers, low-income borrowers and borrowers with multiple types of debt.
Sefa Ozel/Getty Images

Rent reporting is affecting tenants' credit scores

Jan 1, 2024
In New York City, there's been an uptick in landlords reporting tenants' rents to credit bureaus, and not all renters are happy about it.
"One of the biggest things that landlords look at when they're deciding whether or not to rent to a tenant is their credit score," Chang said. A lower credit score can affect one's ability to move out and find a new place to live.
Spencer Platt/Getty Images

Americans have almost $990 billion in credit card debt

Jun 9, 2023
But with interest rates high and wage growth slowing, that level of spending is becoming unsustainable.
Between early 2021 and mid-2022, about 10 million people got credit cards who hadn’t had them before.
Olivier Douliery/AFP via Getty Images