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Tag: consumer

Biden consumer watchdog seeks delay of Trump-era debt collection rules

Finance
Ting Shen/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau proposed a delay Wednesday to two debt-collection rules issued in the waning days of the Trump administration.Those rules broadly addressed how debt collectors may communicate with and make disclosures to consumers.Kathy Kraninger, the former CFPB head during the Trump administration, said the measures helped keep consumers informed. Critics argue that some aspects of the plan give companies too much power and allow them to hound indebted Americans for payments.More from Personal Finance:Biden tax plan may lead to more Roth retirement accountsSocial Security beneficiaries received most of the recent $ 1,400 checksPPP loan money will likely run out before May 31 deadlineBoth measures — issued in October and Decemb...
Climate change: Consumer pose ‘growing threat’ to tropical forests

Climate change: Consumer pose ‘growing threat’ to tropical forests

Science
Getty ImagesRising imports in wealthy countries of coffee, cocoa and other products are a "growing threat" to forests in tropical regions according to a new study.Research shows consumer behaviour in the UK and other rich nations is responsible for the loss of almost 4 trees per person per year.Increasing numbers of trees are now being planted in the developed world, the authors say.But imports of products linked to deforestation undermine these efforts.This growing international trade is doing more harm than good for climate and for biodiversity say the researchers. The real reason humans are the dominant speciesGreen Homes Grant scheme to insulate houses axedWhy my Bangladeshi home could be lost foreverCanada's Supreme Court upholds national carbon taxAmong the world's forests, trees gro...

‘Significant long-term scarring’ in services will limit pent-up consumer demand and suppress inflation, economist Stephen Roach predicts

Finance
Economist Stephen Roach said Monday he believes Wall Street is overestimating a consumer comeback.According to the Yale University senior fellow, demand will snap back like a rubber band later this year as the V-shaped recovery loses momentum."With vaccines rushing out together with a lot of stimulus, you can just sense this instant gratification of a long-deferred pent-up demand," Roach told CNBC's "Trading Nation." "But as I look at the numbers, you know, most of that surge has probably already occurred."He's building part of his case on the consumer durables share of GDP data."We're back to levels of consumer durables that we haven't been at in about 13, 14 years," said Roach. "We've done the pent-up demand to a large extent, and it looks like it's borrowing from growth that m...
Consumer spending in U.S. falls by $28 billion in December

Consumer spending in U.S. falls by $28 billion in December

Business
Jan. 29 (UPI) -- U.S. consumer spending in December decreased for the second straight month, but at a smaller rate than the previous month, the Commerce Department said in its monthly report Friday. Personal consumption expenditures fell by $ 28 billion, the report said, a decline of 0.2%. The decline for November was 0.7%. Advertisement The department said personal income for December increased by $ 116.6 billion while disposable income rose $ 111.6 billion. Real personal expenditures, meanwhile, decreased by almost $ 80 billion. Spending on recreational goods and vehicles lost the most ground, along with food services and accommodations. Higher spending was found in motor vehicles and healthcare. "The December estimate for personal income and outlays were impacted by the response to the...

PayPal, consumer groups battle over company’s credit line for school costs

Finance
PayPal is fighting back after several consumer advocacy groups cited the payment provider for what they called "predatory financial practices."In a joint letter to the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency, the consumer groups, including the Student Borrower Protection Center, Americans for Financial Reform, Student Debt Crisis and Allied Progress, said "PayPal Credit is currently providing its products as high-cost education financing options that can leave borrowers in significant distress."PayPal Credit is the consumer lending arm of PayPal, and is offered by Synchrony Bank. It is essentially an unsecured line of credit, which generally comes with a higher interest rate than regular credit cards but allows access to up to $ 20,000, depending...