2024-03-06 | financial wellbeing
... ake on additional debt to cover an unexpected medical cost, primarily using credit cards (44%) and payment plans (46%).Confusion Around Existing Medical Coverage: 1-in-3 adults do not fully understand what their health insurance plan covers, indicating a need for improved educational resources on the specifics of medical coverage and assistance selecting benefits that can help fill gaps in coverage. ...
2023-06-01 12:00:00 | banking credit cards technology
... ers nationwide and were fielded in February-March 2023.To learn more about these studies, visit https://www.jdpower.com/business/resource/us-banking-and-us-credit-card-mobile-app-satisfaction-studies....
2023-06-01 11:00:00 | credit unions lending
... lynn, senior director of community financial institutions at TransUnion. “As a result, credit unions are seeing increased balances across the board when looking at credit cards, auto loans, mortgages, HELOCs and personal loans. HELOCs and personal loans are seeing particularly high balance growth, up more than 39% and nearly 26% respectively year-over-year (YoY).”Credit Unions Are Seeing Higher Total Balances YoYProductTotal Balance Growth (% YoY)Origination Growth (% YoY)Bankcard18%-1%Auto Loans21%0.5%Mortgages12%-33%HELOCs39%13%Personal Loan26%12%While balances have increased among each ...
2023-02-28 | consumers
... one action to help them manage credit card payments in the past year. Consumers who are living paycheck to paycheck are more likely to change how they use credit cards, with a 90% increase among those who have trouble paying their payments compared to an 81% increase among those who don't. Budgeting and cutting back on spending were popular techniques used by 32% and 31%, respectively, of cardholders. Consumers continue to have a financial backlog that they will carry into the foreseeable future even as they modify their spending habits to fit the demands of the current economic situation. ...
2022-09-22 | consumers economy
... n purchases (42%), fraud protection (39%), and the opportunity to make purchases without having to wait for payment (37%) were listed as the three most important advantages of credit cards.Source: Marqeta ...
... ent debt transitioning into delinquency increased modestly for nearly all debt types but remains historically low. The delinquency transition rate for credit cards increased by 0.2 percentage point, while mortgages, auto loans, and home equity lines of credit all saw 0.1 percentage point increases. Although the number of new foreclosures remains very low, there was a small uptick in new foreclosures in Q1 2022. The Quarterly Report includes a summary of key takeaways and their supporting data points. Overarching trends from the report’s summary include: Housing Debt There...
2022-05-05 12:00:00 | consumers payments
... When it comes to managing cards, self-service is important; for example, 82% of consumers manage their credit cards online and 69% manage their cards via mobile devices, a figure that reaches 90% for Gen Z, millennials and Gen X consumers. Alerts are essential for many people, with 61% receiving debit card alerts, 70% getting credit card alerts and 63% of those receiving alerts say an alert has stopped fraud. Digital and Physical Cards Will Co-Exist Digital card options are gaining interest, yet consumers are not ready to leave their physical cards completely behind as 43% of debit ca...
2022-05-02 12:00:00 | consumers credit
... n average of $2,100, with a cap of $9,000. Many consumers who pay monthly are still creditworthy, have good credit scores, and tend to use personal loans, credit cards and other payment methods such as personal loans to manage their cash flow. Source: LendingClub...
2021-10-21 12:00:10 | credit demographics
... s influenced by the purchase at hand. Looking at purchases valued between $30 and $150, credit cards are preferred by more than one in three (36%) Gen Z shoppers, while one in 10 say they would use buy now, pay later for a $500 purchase. End-to-end control: When asked about features they would like to see in their payment solutions, nearly eight in 10 (79%) want to manage all of their accounts in one place, and digitally pay from whichever account they choose. More than half (59%) want the ability to schedule all of their split payments on a single day of their choosing. Secure experiences: ...
2021-08-25 12:00:00 | economy
... average goes towards paying off debt other than mortgages. Far and away, the top source of debt after mortgages is credit cards, accounting for more than double any other source: 19% - credit card bills 8% - car loan 7% - education loans 4% - home equity / lines of credit Debt under control, or controlled by debt?With debt consuming nearly a third of monthly budgets on average, many people also say that it has negatively impacted their ability to pursue other financial milestones. Because of their debt: 29% delayed making significant purchases 18% delayed saving for retireme...
2021-05-28 | consumers investing
... ers pay down debt and funnel income into the markets. In Q1 2021, 24% of consumers spent discretionary income paying down credit cards and other debts—down 7 ppts from a year ago. Only 3% of consumers named debt as their biggest concern in Q1 2020, compared to 11% of consumers in Q1 2020. Low barriers to entry—including apps that allow purchasing partial shares and are accessible 24/7—accelerated mainstream interest in stocks and expanded investing to younger demographics. As a result of these new tools for allowing (and gamifying) active investment among non-experts, risk exposure is ...
2021-05-12 12:19:00 | demographics
... College students now have more credit cards in their wallet than in previous years, with 53% charging to two or more credit cards (up from 41% a year ago and up from 25% in this study’s first year, 2012). Further, 40% of students have more than $1,000 in credit card debt, and 14% have more than $5,000. Almost two in five (38%) do not expect to pay their entire credit card bill each month to avoid paying interest. “We have been encouraged to see college students responding to the COVID pandemic with such resilience but worry they may be getting ahead of themselves financially,” said...
2021-05-04 | consumers
... financial security, with a combined 65% using checks to pay down credit cards, grow or replenish their savings or invest in the stock market. These factors suggest that as the economy continues to improve, people will once again feel assured of their financial footing and long-term prospects.” Economic Optimism Index Breakdown This month, 17 of 21 demographic groups — such as age, income, race and party preference — that IBD/TIPP tracks were above 50.0, in positive territory, on the Economic Optimism Index. That’s unchanged vs. April and up from 16 in March, 11 in February, eight...
2021-04-01 08:20:22 | payments
... indicated that consumers want to know where their financial information lives online, including where their credit cards are stored. Sixty percent believe that if they know where their card is stored, it will help them have a stronger grasp on their recurring payments and finances More than half (56%) say recurring payments are a hassle to track down and on average it takes about three months for them to cancel unneeded recurring payments Nearly all respondents (90%) note that it would be valuable to know where their card is stored at all times. Chase’s digital tools provide ...
2021-03-31 12:00:04 | pandemic spending
... nt number to one financial expert was that last one, even though it's the smallest."Opening new credit cards can drag down your credit score and it's a warning sign," says Debt.com President Don Silvestri. "In my experience, it's likely that a person has maxed out their other cards and is seeking more breathing room. Unfortunately, they rarely catch up. Instead, they get trapped with more debt."According to Howard Dvorkin, CPA and Debt.com Chairman, "The latest credit card survey shows that Americans are finally taking their credit card spending seriously. While overall debt has ticked up a c...
2021-03-12 14:00:00 | technology
... tions with their credit cards, even though some issuers offer lucrative streaming benefits. "Credit card issuers have fallen in love with streaming rewards in the past year, so if you spend a lot of money on streaming, it's worth looking into what your cards offer," said LendingTree's Chief Credit Analyst, Matt Schulz. "Just be sure that you keep your spending in perspective, for example, don't throw away a good grocery rewards card for one that gives more for streaming." To view the full report, visit: https://www.lendingtree.com/americans-mooching-streaming-accounts/....
2021-02-01 09:22:18 | banking digital
... re losing customers on high-margin products such as loans, credit cards and investments -- those that better suit their needs. "We surveyed more than 56,000 consumers in 11 countries and found that while respondents most frequently cited affordability of a competing offer as their reason for purchasing products from another bank, they also cited better digital tools, a simpler purchasing process and convenience as key reasons," said Katrina Cuthell, a partner with Bain & Company in Sydney and a co-author of the report. "These numbers were higher among younger customers, who put an even grea...
2021-01-13 08:00:00 | healthcare payments
... hance the consumer health and pharmacy experience through our differentiated technology and established role in healthcare.” The new Walgreens credit cards are slated to be available in the second half of this year. Source: Walgreens...
2021-01-12 11:01:00 | payments
... 31%. Regional Insights: Making Moves to Meet Consumers Pivoting to meet the new digital-first era: Nearly all UAE SMBs (97%) and Hong Kong SMBs (96%) have adjusted the way they operate in the past three months, compared to the global average of 82%. In June, just two in five Hong Kong SMBs (40%) were selling products and services online. Now, nearly three in five (57%) are selling more online, compared to the global average of 43%. Consumers are shopping digitally, and with an eye on security and safety: Globally, 82% of consumers have taken some additional action to protect th...
2021-01-12 | debt credit cards
... pped $1 trillion in this country and was trending up before the pandemic, but the survey shows nearly 1 in 5 people say, "I'm paying more attention to the interest rates on my credit cards." Nearly 1 out of 5 now rethink how they make large purchases, saying they're more willing to buy used cars and other pre-owned big-ticket items. A quarter of American adults have nothing saved for retirement, according to the U.S. Federal Reserve, but only around 15 percent of survey respondents reported, "I'm not ignoring retirement savings like I once did." Other survey findings: Over 34 p...
2021-01-07 12:00:00 | financial literacy
... empower individuals and the Country." Deficits in personal finance capability increase people's risk of incurring bank fees, facing high interest rates on loans and credit cards, and losing money in investments. It should be noted that the survey results may represent an underestimate of actual losses, since people may lack financial knowledge but remain unaware of their lost opportunities. Source: NFEC...
2021-01-01 | pandemic millennials
... savings” (37%), or “take on debt using credit cards or personal loans” (23%). One-in-five “borrowed from friends or family,” with Gen-Z and Millennials most likely to either borrow from or move in with family members. Looking ahead to the New Year, nearly four-in-ten (38%) say they’ll spend 2021 in “Survival Mode,” meaning they’ll focus on the day-to-day to try to get themselves and their families through the next year. This outlook is more common among older generations (42% and 43% of Gen-X and Boomers, vs. 25% of Gen-Z and 34% of Millennials) and women (42% vs. 34% of m...
2020-12-21 | credit cards mortgages borrowing
... ...
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