Consumers with low credit scores are falling behind on their auto loans at a record rate.
Rising prices continue to affect consumers’ purchasing power, making it more difficult for those in all income levels to live within their means, put aside savings and manage their debts. Regardless, consumers appear to be settling into the current financial environment by finding ways to adjust their behavior to lessen inflation’s impact. PYMNTS’ research finds that in January 2023, 60% of United States consumers lived paycheck to paycheck, down 4 percentage points from January 2022.
U.S. consumers are proving they have money to spend. According to a report by the Commerce Department last Friday, personal spending rose 1.8% in the month of January.
Home prices fell for the sixth straight month in December as high mortgage rates damped buyer demand, according to data released Tuesday.
In the past, under the guise of promoting innovation, individual firms privately lobbied the Consumer Financial Protection Bureau to obtain special regulatory treatment. If they were successful, a firm receiving special treatment could then attract investors and customers by wrongly implying that their business model and practices were endorsed by the government. In other situations, companies that were able to successfully lobby for special treatment did not follow through on their end of the bargain.
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