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,…

The Consumer Financial Protection Bureau (CFPB) is finalizing a rule that limits how much consumers are charged in late fees. The rule caps late fees to 25% of the required payment and ends the automatic inflation adjustment for these charges, according to the CFPB. Credit card companies can still charge late…

If you are going to be spending money anyway, you might as well earn some points when you swipe.  There are several different types of rewards credit cards you can apply for. When thinking about the best one for you, look into your spending habits and pinpoint where the majority…