Credit card debt and delinquencies are rising, with some experts warning of a credit card crisis with the advent of holiday spending. Younger consumers are having to face a tough time as a Bank of America survey showed nearly three in four Gen-Zers have curbed their spending in response to higher inflation. VantageScore CEO Silvio Tavares joins Yahoo Finance’s Jared Blikre to discuss the state of credit and purchasing amongst younger consumers and the turmoil they may face going forward.
Tavares comments on the rise of ‘buy now, pay later,’ saying “what we’re seeing is consumers shifting that spending to buy now, pay later…In three or four months there could be some concerning signs if we see that credit deterioration. The banks and credit card lenders have identified this trend and they’re already pulling back. If you look at the end of October, we published a monthly report… what you are seeing is banks reducing the number of new accounts on credit. It was at 3% on a year-over-year basis. That’s the lowest we have seen all year.”
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👍👍👍👍I’ve been quite unsure about investing in this current market and at the same time I feel it’s the best time to get started on the market. i was at a seminar and the host spoke about making over $972,000 within 3 Months with a capital of $200,000. I just need creative ideas to afford my retirement
I’ll advise you to work with a financial advisor. Definitely a good time to invest in stocks, Gold, silver and digital currencies(BTC, ETH.XRP)
After watching so many tutorials about trading I was still making loses until Nick Dranchak started managing my investment’s now I make $18,567 weekly
I also follow the guidelines of Mr Nick invested $88,000 in Bitcoin, making 15% – 20% every week. unlike I can say for my IRA which has just been trudging along
HOW !! I know it’s possible , I would appreciate if you show me how to go about
Run a quick online research with his name.
I pay with DEEZ NUTZ
There’s about 200 million Adults in the U.S. age 18 or higher, so that’s an average credit card debt of $5.4K per individual. It could be worse.
It is. Most do not pay full balance monthly and the current level of interest is like loan shark territory. How are 25 to 30% rates sustainable? Many ppl willing get buried
Not adjusted to inflation
Buy now, pay never.
Never say never
– Monitor delinquency rates to assess consumer financial stress (Starts at 1:13)
– Keep an eye on credit card utilization rates, especially among subprime and younger consumers (Starts at 1:28)
– Watch trends in “buy now, pay later” services, as a shift in spending here could indicate financial strain (Starts at 2:43)
– Review VantageScore credit gauge reports for changes in bank lending behaviors (Starts at 3:09)