Amid persistent financial pressures impacting a majority of U.S. households, the decision to spend on time-saving convenience services is increasingly subject to a stringent financial calculus, according to a new report from PYMNTS.
The report, titled “How Do Consumers Weigh Convenience Services Against Financial Pressure? It’s About Buying Time,” is based on an exclusive PYMNTS Intelligence survey of 2,878 U.S. consumers conducted in January.
Under the Consumer Financial Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) is tasked with monitoring and reporting on consumer complaints. The CFPB’s 2024 Consumer Response Annual Report provides a comprehensive analysis of the more than 2.8 million complaints submitted by consumers last year—complaints that were then routed to over 3,600 companies for review and response.
At a busy watering hole, every animal — from the smallest bird to the largest zebra — knows that sometimes you have to step into uncomfortable territory. The water is life, but getting there means accepting risks.
In many ways, creditors and their vendors — collection agencies and repossession companies — face a similar dilemma.
With the end of financial relief measures from COVID-19, the restart of student loan collections is poised to notably impact consumer spending and debt strategies. Borrowers who defaulted on their student loans will face renewed collections efforts, including wage garnishments and withholding of tax return payments, influencing various aspects of debt management. This financial responsibility will likely tighten budgets, reduce discretionary spending, and challenge borrowers' capacity to manage unsecured debts. With these financial strains, there might be a shift towards increased enrollment in debt settlement programs as consumers explore options to manage their financial obligations.
The Federal Trade Commission alleged that Global Circulation, Inc. (GCI) and its owner, Kenneth Redon III, threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debt they didn’t actually owe. In an amended complaint, the FTC further alleged that GCI and Redon falsely claimed affiliation with specific lenders to trick consumers into paying, a violation of the FTC’s Impersonation Rule. The FTC’s proposed order would permanently ban GCI and Redon from the debt collection business.
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