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:
Leaders in the U.S. House of Representative’s Committee on Small Business are seeking answers on the regulatory burden for small businesses from the Consumer Financial Protection Bureau and Federal Trade Commission, among other agencies.
Financial regulators in the U.S. are worried that inflation is feeding on itself. As we brace ourselves for more interest rate hikes, what are the implications for your business? Before we can answer this question, we need to look at the cumulative effect of the Fed’s latest actions to control spiraling costs.
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