#consumer-debt

#consumer-debt

the Federal Reserve Bank of New York show student loan and auto loan balances at record highs, while credit card balances have climbed to about $1.2 trillion. Delinquencies, particularly on credit cards, are also rising, with 90-day-plus late-payment rates for credit cards more than 12% higher than in prior years. Consumers are driving a lot of growth, but there are some signs of weakness for certain parts of the economy, Kan said, adding that these pressures could spill over into housing and mortgage performance.

Laplanche, who was also the co-founder of LendingClub before leading Upgrade to a $7.3 billion valuation, was unsparing in a recent interview with Fortune. The fintech sector itself, he claimed, "would not even exist if, frankly, banks had done a better job really delighting their customers with product innovation that moves the needle," Laplanche said, arguing that the industry's reliance on "nickel and dime" fees and "unpredictable" costs created the very void that he's spent his whole career filling.

According to the Bureau of Labor Statistics, rents have jumped nearly 28% in past five years. Companies such as Flex, Livble and, more recently, Affirm, say breaking rent into multiple payments can help renters manage cash flow. But consumer advocates warn the products typically function like short-term loans, layering fees onto already strained budgets and, in some cases, carrying triple-digit effective interest rates - raising questions about whether they ease financial pressure or deepen it.

Trina, a 38-year-old Florida resident, was drowning in $44,000 of debt on a $60,000 annual income. Her financial obligations spanned car loans, credit cards, and her son's private school tuition-a complex web of commitments that became more concerning when she revealed filing Chapter 7 bankruptcy just two years earlier. This recent bankruptcy suggested her struggles weren't isolated incidents but part of a recurring pattern of financial instability.

Federal Housing Finance Agency Director Bill Pulte reportedly mentioned the idea to President Donald Trump last weekend leading Trump to post about the idea on Truth Social. However, sources told CBS News this week that a 50-year mortgage plan hadn't been vetted by senior Trump administration officials and wasn't ready for release. Leaders across mortgage and real estate were almost uniformly against the idea.

When averaged across two leading bureaus, Californians hold a credit score of 714, ranking 24th among the states, signaling acceptable borrowing potential.

"By enabling members to redeem Bilt Points toward student loan payments, we're addressing a critical financial need while continuing to differentiate our program as offering the most valuable and flexible points currency in the industry."