Current Industry News

U.S. credit card debt jumps 18.5% and hits a record $930.6 billion

For most Americans, inflation and rising interest rates are a one-two punch. On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent.

FTC Should Extend Comment Period on Non-Compete Clause Proposal. Here’s Why

The FTC is proposing to ban most noncompete agreements for employers in a rule that would preempt state law. It should take more time to consider the impact of the proposal and to process stakeholders’ comments.

Parents pay at least one monthly bill for 40 percent of millennials

In a new survey, two-fifths of millennials say their parents still pick up one or more of their monthly bills. And the most common parental subsidy is the largest: housing. Twenty-four percent of millennials say Mom or Dad pay their rent, and 17 percent say parents cover a mortgage.

Subprime Delinquencies Show Pressures of Paycheck-to-Paycheck Life

Rising delinquencies among subprime and near-prime borrowers reveal the strain of living paycheck to paycheck. In a spate of earnings reports these past few weeks, various lenders — banks and digital platforms among them — have spotlighted the fact that delinquencies and charge-offs are ramping back up, off pandemic lows, rapidly. And though many of these companies state that their lending portfolios’ metrics are manageable, and indeed are normalizing, the trends bear watching.

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