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…

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…

The personal loan market is growing, in part due to the high cost of living. About 14.5% of borrowers use personal loans for everyday expenses, a MarketWatch Guides survey found. The two more common reasons consumers use personal loans are debt consolidation and home improvements. Nearly 21.2% of personal loans…

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,…

The chronic inflation crisis is hindering millions of Americans’ ability to prepare for their financial future, according to a new study published by Allianz Life. Findings from the Allianz Life Insurance Company of North America show that U.S. households are draining their retirement savings, taking on debt and reducing the…

Chase announced Wednesday it has launched a new media business that allows advertisers to target the bank’s 80 million U.S. customers based on their purchases. The platform, Chase Media Solutions, allows brands to “connect with consumers’ personal passions and interests,” while “customers benefit from personalized offers and the ability to…

Predictions abound for credit card interest rates in the coming months. Like many interest rates, it’s likely credit card interest rates will drop if the Fed starts cutting rates. Credit card APRs have risen steadily for the last 22 months, landing at 22.75% in November 2023, Federal Reserve data showed.…

The Biden administration on Tuesday finalized a new rule to cap all credit card late fees at $8, a move that is expected to elicit fierce pushback from industry giants.  The Consumer Financial Protection Bureau estimates the new regulation will save American families more than $10 billion in late fees…

Credit card balances hit a new benchmark in the fourth quarter of 2023, with balances topping the $1 trillion mark for the first time, according to a recent TransUnion report. Balances increased by 13% over the previous year across all risk tiers, led by subprime, which grew 32% to $105 billion,…