The third quarter of 2022 saw more consumers turning to unsecured personal loans and credit cards as a means to help stave off the financial pressures brought on by inflation.
Any day now, federal student loan borrowers throughout the U.S. could see their balances reduced by up to $20,000 thanks to President Biden’s student debt forgiveness plan. The administration is waiting on a green light from a federal judge to actually start reducing balances, but still says applicants can expect good news in the coming weeks.
NEW YORK, November 09, 2022--(BUSINESS WIRE)--As inflation continues to pose challenges for American adults’ financial strategies, New York Life’s latest Wealth Watch survey has found that people are coping by adjusting debt management and investment strategies, although the financial guidance informing these strategy adjustments varies by generational cohort. The latest survey revealed that more than half of adults reported expecting their living expenses to be higher in the second half of 2022 than the first, and 61% of respondents agree that they are more nervous about their financial future now than ever before.
American consumers continue to dig deeper into debt as they try to cope with rising prices using credit cards. Americans added another $25 billion to their record levels of debt in September, according to the latest data from the Federal Reserve.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
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