credit card

Well-known investor and Shark Tank star Kevin O'Leary blasted Americans' mounting credit-card balances in a video posted Wednesday, calling it "crazy" to pay interest that now averages more than roughly 23% annually, urging viewers to wipe out their debt before it "bites you." What Happened: The "...

A record-high percentage of U.S. households are making only minimum payments on their credit cards, according to new data released by Apollo Global Management Inc. Chief Economist Torsten Slok. What Happened: In a report titled “How are U.S. consumers and firms responding to tariffs?”...

Discover Financial Services (NYSE:DFS) released its first-quarter results after Wednesday's closing bell. Here's a look at the key details from the quarter.   The Details: Discover reported quarterly earnings of $4.25 per share, which beat the analyst consensus estimate of $3.39 by 25.37%....

According to a recent survey, 40% of Americans with credit card debt are under the impression that making minimum payments is an effective way to manage their debt. This misunderstanding is contributing to the escalating credit card debt in the country, which has now hit a record high of $1.2...

A Texas federal judge has ruled against a Biden-era regulation that would have capped credit card late fees at $8, terminating a major initiative by the Consumer Financial Protection Bureau (CFPB) to restrict what it labelled "junk fees." The decision is being regarded as a legal and political win...

Billionaire investor Chamath Palihapitiya believes a proposed 10% cap on credit card interest rates would significantly disrupt the financial services industry while potentially benefiting consumers. What Happened: “This would be phenomenally disruptive,” Palihapitiya wrote Sunday on X...

Basketball superstar Shaquille O'Neal's impact goes beyond basketball, with his larger-than-life personality and smart investments. Yet, one of his most unforgettable moments happened at Walmart. What Happened: O’Neal, who is known for his extravagant spending, made this record-breaking...

Robert F. Kennedy Jr., President Donald Trump’s Health and Human Services Secretary-designate, has revealed in financial disclosures that he carries up to $1.2 million in credit card debt. His balances, ranging between $610,000 and $1.2 million, are charged at high interest rates of 23.24% to...

Billionaire Warren Buffett has advised against using credit cards as a piggy bank. He emphasized the importance of paying off high-interest debt. What Happened: During the Berkshire Hathaway’s annual shareholder meeting in 2021, Buffett shared his personal finance advice and suggested that...

Sen. Bernie Sanders (I-Vt.) announced plans to introduce legislation supporting President-elect Donald Trump‘s proposal to cap credit card interest rates at 10%, as credit card defaults reach their highest levels since the 2008 financial crisis. What Happened: Major credit card companies saw...

U.S. credit card loan defaults have skyrocketed to levels unseen since the 2008 financial crisis. Credit card lenders wrote off a staggering $46 billion in seriously delinquent loan balances in the first nine months of 2024 What Happened: This figure, which represents a 50% increase from the same...

In a significant data security incident, 5 million credit and debit card numbers, along with customers’ financial records and personal details, have been exposed, raising the risk of financial fraud and identity theft for millions of Americans. What Happened: The data security company Leakd ...

American Express Company (NYSE:AXP) is poised to become the sole owner of Swisscard after UBS Group AG (NYSE:UBS) announced plans to sell its 50% stake. This comes just days after American Express reported mixed third-quarter results, with revenue slightly below analyst expectations. What Happened...

American Express Co (NYSE:AXP) will be reporting its third-quarter earnings on Oct. 18. Wall Street expects $3.80 in earnings per share and $16.67 billion in revenues as the company reports before market hours. The stock is up 84.29% over the past year, 51.1% year-to-date. Let’s look at what...

Credit delinquency is on the rise. High credit card rates and enduring inflation are hurting consumers, especially those considered “Gen Z.” Here’s the latest New York Fed data about the American consumer. The Data: The New York Fed's Center for Microeconomic Data released its...