U.S. Credit Card Debt Picks Up Steam in May – Still Outpaced by the U.K.

U.S. consumer revolving credit for May, mostly credit card debt (95%), continued to climb above the $1 trillion milestone set in December, growing at a solid clip annually. While climbing steadily throughout 2016, consumer revolving credit increased at an +8.7% annual rate of growth in May, compared to a revised +1.4% annual rate in April…

Top 4 U.S. Issuers Siphon Card Outstandings from AXP – Q1 YOY Double-Digits

U.S. credit card outstandings end-of-period (EOP) among the Top 4 U.S.  issuers gained 9.6% in the first quarter (1Q/17) year-on-year (YOY) to $396.7 billion. The YOY growth rate is down 130 basis points (bps), compared to the prior quarter, in line with historic seasonal patterns, according to CardData. The gain was largely driven by Citibank, as…

Frictionless Monthly Payment Plans for Credit Cards at the POS

Splitit has partnered with Magento as a Select Technology partner to offer their solutions to the Magento ecosystem. Merchants using Magento will now be able to seamlessly integrate Splitit’s payment tool into their checkout process. Splitit enables retailers to instantly offer monthly payment plans to their customers directly at checkout. Splitit works on existing Visa and…

Despite Brexit Brits Pile On Credit Card Debt in Early 2017

U.K. consumer credit took a sharp turn north in February, despite the Brexit uncertainty, rising to its highest annual growth rate of the past twelve months. The year-on-year (YOY) rise jumped 260 basis points (bps) 20 in February. In February total consumer credit grew to £196.0 billion. The three-month annualized and twelve-month growth rates, seasonally…

Capital One EOY Outstandings – Solid #2 U.S. Issuer – Q4 Profits Plateau

Among the biggest bank credit card issuers in the U.S., Capital One (COF) continues to lead the way in every metric, except charge-offs. Based on fourth quarter (4Q/16) figures COF surpassed Bank of America (BAC) as the nation’s second largest issuer, by $5 billion, according to CardData. COF posted double digit year-on-year (YOY) gains in…

British Consumer Credit Card Debt Continues to Accelerate 9%+ Year-on-Year

U.K. consumer credit continued to expand at a brisk pace in November, topping 10% year-on-year (YOY). In November total consumer credit grew to £192.2 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 11.4% and 10.8% respectively. The Bank of England (BOE) reports consumer credit increased by £1.9 billion in November, in…

Nationwide Continues Blistering Battle with CFPB Operation Choke Point Litigation

Nationwide Biweekly Administration (Nationwide) has been allowed to move forward with its Operation Choke Point claims against the Consumer Financial Protection Bureau (CFPB). Operation Choke Point is a U. S. Department of Justice initiative meant to block access to payment systems by targeted businesses and shut them down without a court order. In an order…