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.
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.
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.
The lender aims to scale its portfolio in that segment back to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.
Toyota Motor Credit Corp. will pay $7.6 million to settle allegations brought by the office of Attorney General Andrea Campbell that it engaged in unfair lending practices. Much of that money — about $5.5 million — will go toward wiping out debts owed to Toyota by as many of 500 borrowers in Massachusetts, according to the attorney general’s office.
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