U.S. Household Debt Hits Record $1.4 Trillion
Americans beefed up their mortgage balances to a new high, taking advantage of near-zero interest rates.
Visa Beats Estimates as Travel Slump Continues
“The recovery so far has been uneven, V-shaped for domestic volumes but L-shaped for cross-border volumes,” CFO Vasant Prahbhu says.
Visa Profit Drops 23% as Card Spending Slows
Payments volume improved as the third quarter progressed, reflecting the easing of shelter-in-place orders in the U.S.
Reduced T&E Spending Continues to Hit AmEx
AmEx is "in a tricky situation because they have a large corporate book and a big T&E book and those are the parts in the world’s economies that are weak."
AmEx Takes Profit Hit, Plans Spending Cuts
"The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world."
Sanders, AOC Call for Cap on Credit Card Rates
The high-profile lawmakers say a 15% cap is needed to protect consumers from the "economic brutality" of big banks.
Banks Making a Bundle
“The current economic expansion is the second longest on record, and the nation’s banks are stronger as a result," said the FDIC chair.
Consumer Credit Jumps $24.5 Billion in May
The gain was the largest since November 2016 and easily beat economists' expectations of a $12.4 billion increase.
Mastercard Beats Views With Record Revenue
Overseas transactions played a "major role" in Mastercard's Q1 performance as gross dollar volume increased 23.5% compared to 10.5% in the U.S..
U.S. Household Debt Reaches Record $13.15T
“The current debt level is still manageable and is likely to grow further this year,” one economist says.
Discover Profit Takes $189M Hit From Tax Law
The card company's net income for Q4 dipped to $387 million from $563 million, but all its loan segments saw growth.