Major US banks have reported earnings — giving us a peek into America’s financial health. Key finding: Unpaid loans are rising In the first quarter, the four US largest banks wrote off $3.4B in bad consumer loans — a 73% increase from last year. And banks expect more — setting aside billions to prepare for…
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Financially Stressed Consumers are Turning to Buy Now, Pay Later Apps for Groceries
How are consumers dealing with sky-high food costs? Skipping meals, switching to lower-cost brands — and taking on more debt. In the past two years, the monthly cost of a nutritious diet for a family of four jumped 48% from $675 to $1K. And many have turned to “buy now, pay later” (BNPL) loans to…
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