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  Over the last couple of years, persistent inflation has caused the cost of consumer goods to soar, causing an increase in money issues for many Americans. And, the higher cost of necessities like gas, groceries and housing is happening at a time when interest rates are also high. So, relying on short-term borrowing options, like credit cards, to fill in the gaps between paychecks has become a riskier and more expensive proposition. The nature of credit card debt makes it...

What happens to unpaid credit card debt after 7 years?

With interest rates sitting at more than two-decade highs and inflation continuing to bear down on consumers, big banks are preparing to face more risks from their lending practices. Suggested Reading. Wiz backing out of the Google deal could have big implications for Microsoft, analyst says. In the second quarter,...

Banks are bracing for consumers to stop paying off their credit cards

NBC News

People are struggling to pay off their credit card debt even as many trim their spending. The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012. The delinquencies come as...

Credit card delinquency rates hit a nearly 12-year high

PYMNTS

The newest reading on gross domestic product (GDP) — for the second quarter, only a few weeks in the books — shows a quickening pace of growth. And, yes, consumers are still spending, but the pace is slowing. Savings and disposable income growth rates are slowing, too, indicating that the 2.8% annualized pace seen in the second quarter may be tough to sustain.

GDP Takeaways: Economy Grows, Consumer Spending Slows and Saving Rates are Pressured

Reuters

(Reuters) - Capital One Financial's profit fell 61% in the second quarter, it reported on Tuesday, as it set aside more money to cover losses on loans. Net income available to common stockholders fell to $531 million or $1.38 per share versus $1.35 billion or $3.52 per share a year earlier.

Capital One profit drops 61% as it stockpiles more money for loan losses

Red Lobster is finally getting a new owner. The world’s largest seafood chain is likely going to be acquired by Fortress Investment Group. Despite Red Lobster being bankrupt and looking for better offers, it did not receive any other competitive bids before the court’s deadline, according to a court filing made on Monday.

Red Lobster finally has a new owner

It’s the summer of recalls. Ice cream, coffee, and hot dogs have been pulled from grocery store shelves, and now the Food and Drug Administration (FDA) has announced a recall of several fresh produce products. Suggested Reading. Wiers Farm, a Willard, Ohio-based farm, on Monday expanded a recall of...

Walmart, Aldi, and Kroger produce is under FDA recall

GM’s Ultium vehicles have had a shaky few years, with the company buying back vehicles for problems ranging from shaky build quality to risk of spontaneous fires. Now those cars are finding their way to the used market with some huge discounts. You just have to trust GM finally fixed the underlying issues with the cars.

Once faulty EVs from GM are up for sale

Lots of people are flying American Airlines, but that isn’t translating into profits. Still, American Airlines stock was up about 5% in Thursday morning trading. The company said in its latest earnings report that it brought in a record $14.3 last quarter, with net income hitting $717 million — but it’s still slashing its guidance. Last quarter, American said that full-year earnings per share would be as much as $3.25, but now it’s forecasting as little as 70 cents.

American Airlines is getting more flyers — but had to lower ticket prices to do it

Business Times

The U.S. economy demonstrated remarkable resilience in the second quarter, growing at a 2.8% annualized rate, significantly outpacing expectations. This robust performance, reported by the Commerce Department on Thursday, highlights the economy's strength despite ongoing challenges such as high interest rates and inflation.

US Economy Exceeds Expectations with 2.8% Growth in Q2, Signals Strong Consumer Spending

Motor1.com

A study shows cars are being repossessed at a shockingly high rate through the first half of 2024, exceeding pre-pandemic levels. Car prices have skyrocketed in recent years. Not everyone can afford those monthly payments, a new study shows. Recent data from Cox Automotive shows auto repossessions are up 23 percent compared to last year. That's a significant jump, taking repos to levels not seen since before the COVID-19 pandemic.

Auto Repossessions Are Soaring

Next time you call CVS’s customer service line you may be greeted by an AI-powered virtual agent. AI is set to play a major role in CVS Health’s efforts to improve the pharmacy experience, the company’s chief technology officer Tilak Mandadi told the Wall Street Journal in an interview.

CVS thinks AI can handle your prescription questions

Weight loss drugs and non-alcoholic options have consumers holding off on buying sodas — at least in the U.S. But even so, Coca-Cola posted robust second-quarter earnings on Tuesday, driven in part by strong global demand for its pop offerings, prompting the beverage giant to raise its full-year guidance.

Coca-Cola is losing steam in America

The creator of Flamin’ Hot Cheetos wants Pepsi Co. and Frito-Lay to stop their “smear campaign” claiming he didn’t create the spicy snack food. Richard Montañez has filed a lawsuit against Pepsi Co. in which he alleges that he was the victim of fraud, racial discrimination, defamation, and violations of California’s unfair competition law.

The guy who says he invented Flamin' Hot Cheetos is suing Pepsi and Frito-Lay

CrowdStrike, the cybersecurity company behind last week’s massive global tech outage that caused entire industries to go dark, wants to apologize for giving its partners extra work — with a gift card. Suggested Reading. Employees at CrowdStrike’s partner companies received an email earlier this week with a link...

CrowdStrike gave out $10 Uber Eats gift cards to say sorry for that global tech outage

Walmart says it’s stepping into a new era of retail – and to keep up with consumers, it must predict what shoppers need. That’s partly because the industry is no longer what it was a decade ago, and according to the company’s first annual Adaptive Retail report, if retailers want to succeed, they must be dogged in adapting, making items quickly available, and tailoring experiences to fit individual customers.

4 key trends Walmart says the retail sector is facing

For its next iPhone, Apple is playing into our sentimentality. It’s also doing something basically all its big smartphone rivals have already done — Apple is reportedly making a foldable iPhone. Suggested Reading. According to the Information, Apple reached out to suppliers in Asia in recent months to...

Apple's iPhone of the future is a flip phone

After a day of selloffs, the Dow Jones Industrial Average surged over 500 points in the afternoon on Thursday, driven by strong performances from tech giants such as IBM and Salesforce. However, the gains were short-lived, as the Dow and other indexes declined once again. Suggested Reading. As the day...

After gaining 500 points, the Dow falls by the end of the day

California State

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The HD Post

CALIFORNIA – Plaintiffs, in a case against Wells Fargo alleging that the bank knowingly took part in a marketing scam, asked the court, July 8, not to grant a motion for summary judgment.

Class action lawsuit says Wells Fargo customers lost over $160 Million

Belk, Inc.’s balance sheet is looking a lot stronger. The privately-owned department store company, which operates nearly 300 stores across the Southeast, said it has completed a value-maximizing deleveraging transaction with its first and second lien lenders and equity sponsor, Sycamore Partners. Through the transaction, Belk has reduced its...

Belk reduces debt by nearly $1 billion

NewsBreak

Overdue credit card balances hit their highest level in more than a decade

Overdue credit card bills are the highest they’ve been since the Federal Reserve Bank of Philadelphia started keeping track in 2012. The proportion of card balances...

Overdue credit card balances hit their highest level in more than a decade

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