Consumers still skittish about economy ahead of election
AXIOS | The Michigan Consumer Sentiment Index ticked down in October (within the margin of error) after two months of gains. Sentiment is 8% stronger than a year ago, and almost 40% above the trough reached in June 2022. Why it matters: “While inflation expectations have eased substantially, … consumers continue to express frustration over high prices,” survey director Joanne…
AFSA 2nd Quarter Consumer Credit Conditions (C3) Index Released
Survey of consumer credit industry shows economic strains, with increased demand for credit from consumers WASHINGTON, Sept. 12, 2024 /PRNewswire/ — The American Financial Services Association, the country’s largest and oldest national consumer credit trade group, today released its quarterly Consumer Credit (C3) Index survey of leading providers of consumer credit, including mortgages, vehicle financing, personal installment loans, and credit cards….
70% of US Consumers Feel Stressed About Personal Finances
PYMNTS | In today’s competitive job market, traditional benefits like retirement plans and paid time off are falling short as workers demand immediate access to their earnings. Rising financial pressures and living costs are driving this shift, pushing employers to adapt or risk losing top talent. A PYMNTS Intelligence report, “No-Wait Wages: Leveraging Instant Payments…
Resilient consumers keep soft landing alive
Axios | The economy is on firmer footing than previously thought: Blowout consumer spending last month shows shoppers are not pulling back in a way that would be consistent with a recession. Why it matters: The “consumer slowdown” narrative fell apart last month. If it continues, that — along with receding inflation — could keep the…
Credit card delinquency rates hit a nearly 12-year high
CNBC | People are struggling to pay off their credit card debt even as many trim their spending. The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012. The delinquencies come as consumers have leaned heavily…
Despite SCOTUS Ruling, CFPB Oversight Needed
Today, the U.S. Supreme Court handed down its ruling in the much-anticipated Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) case that challenged the CFPB’s independent funding mechanism through the Federal Reserve. The American Financial Services Association joined with other trades in an amicus brief arguing that the Bureau’s “funding scheme is historically unique.” The following…