By John McNamara – FEB 16, 2023 - Last year, we reported that Americans paid over $120 billion annually in interest and fees on credit cards. Since that time, average interest rates charged by credit card companies have quickly increased. It’s critical that consumers can find and switch to credit cards with the lowest and most competitive rates. That’s why we’ve been carefully examining barriers to a fair and competitive credit card market, especially as it relates to the role of consumer credit reporting.
The report examines debt collection credit reporting and medical debt reporting from 2018-2022 through a narrow lens and overlooks multiple factors influencing credit reporting.
Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday.
Binance, the world's leading crypto exchange by trading volume, will temporarily suspend bank transfers in U.S. dollars. The exchange stated in a tweet on Feb. 6 that no other trading methods would be affected. The announcement came with no explanation. However, exchange CEO Changpeng Zhao noted in a tweet that only 0.01% of the exchange’s total users will be affected by the suspension while assuring that they are looking to resolve the issue soon.
A House Financial Services subcommittee met last week and heard testimony from technology and banking experts on industry competition and reducing regulatory burdens, and reviewed a draft financial data privacy bill.
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