Dueling blockchain stories — one arguing it was virtually useless, the other saying it could change real estate lending — seized the top spots this week, while readers also focused on tax reform aftermath and a key Senate retirement.
Merchants have been challenging surcharge bans in numerous states on free-speech grounds. They have the wind at their backs following another court victory on Wednesday.
Credit card debt hit $807 billion in the fourth quarter of 2016, with consumer balances on average exceeding $4,800, according to a report released by the Consumer Financial Protection Bureau.
Both in dollar and transaction volume, credit card use is growing at a faster pace than debit use. Much of the growth is coming from affluent consumers who value rewards like 2% cash back on purchases.
In a year of political upheaval and weak commercial credit growth, lenders sought to capitalize on an economic bright spot — consumer spending — by reviving the personal loan, allying with fintechs and exiting traditional business lines that no longer made sense.
The long-running slide in mortgage payments 60 or more days past due will continue next year, and perhaps even longer as borrowers benefit from favorable economic conditions.
