Struggling consumers are increasingly turning to high-cost credit for basic needs

New research found consumers struggling to afford basic necessities are far more likely to turn to high-cost borrowing like payday loans and buy now, pay later services.

Inflation — like the higher gas prices we’re paying because of ongoing geopolitical conflict — eats away at everyone’s budget. But for people already struggling to make ends meet, higher prices can force them to turn to debt to bridge a budget gap, which can become yet another financial burden.

New reports from the Kansas City Federal Reserve and Pew Research show struggling consumers are a lot more likely to turn to debt than those who aren’t struggling.

“Fifty percent of those who had trouble affording a basic necessity said that they borrowed money from friends and family,” said Juliana Horowitz, senior associate director at Pew Research Center. “About 30% of them said they took out a payday loan, compared to 4% of those who didn't have those challenges.”

Read more at MARKETPLACE

Changes in U.S. Family Finances from 2022 to 2025

'Evidence from the Survey of Consumer Finances'

A new report by the Federal Reserve Board says that from 2022 to 2025, the median net worth in the United States rose for families of all racial and ethnic groups — except Black people, whose median net worth fell a stunning 25%. During 2019-2022, by contrast, the median net worth for Black families increased by 60%. The median wealth of white families last year was nine times that of Black families. That is the largest gap since 2016.

“It’s the economy, stupid” was James Carville’s blunt, and effective, slogan during Bill Clinton’s successful 1992 presidential campaign.

Today, it is the economy that’s stupid — especially for Black Americans.

While President Donald Trump’s fatuous war against Iran makes prices soar for everybody, African Americans are being subjected to a unique level of economic pain, providing them another reason to scorn Trump’s Republican Party this Election Day.

Read more at MS NOW

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Americans’ Use of Social Media in 2026

Many Americans use social media to connect with one another, engage with news content, share information and entertain themselves. Explore the patterns and trends shaping the social media landscape.

Which social media platforms are most common?

YouTube and Facebook are the most widely used social media platforms in the United States. About half of U.S. adults say they use Instagram, and smaller shares use sites or apps such as TikTok, Reddit, Snapchat and X (formerly Twitter).

Who uses each social media platform?

Usage of the major social media platforms varies by factors such as age, gender and level of formal education.

% of U.S. adults who say they ever use __ by …

Read more at Pew Research Center 

Mastercard Launches Global Money Platform to Integrate Stablecoin Balances with Traditional Banking and Card Payments

Mastercard (NYSE: MA) has unveiled a new infrastructure offering designed to blend conventional financial tools with digital assets. On October 15, 2026, the company, together with BVNK, introduced the Mastercard Global Money Platform.

This marks the first significant product combination following Mastercard’s acquisition of the stablecoin infrastructure provider BVNK in August 2026.

The platform unites Mastercard’s established global payments network with BVNK’s stablecoin technology through a single application programming interface.

The Global Money Platform functions as a comprehensive, modular foundation for contemporary financial services.

Read more at CrowdFundInsider

Have a tax law question?

Our #IRS Interactive Tax Assistant has answers.

Watch this short video to learn more:

https://youtu.be/y6HkaBkdKdU

Jose L. Santiago

Public Affairs Specialist

Tax Outreach, Partnership and Education

Email: jose.l.santiago@irs.gov

What Younger Account Holders Expect When Funds Run Short

According to J.D. Power’s 2026 Millennial and Gen Z Checking Satisfaction Study, younger account holders reward checking providers that keep balances accurate, communicate before problems arise and help them avoid unexpected fees and declined transactions.

For institutions that offer overdraft services, the findings are a timely prompt to look at how well current practices support those expectations. The question goes beyond whether overdraft coverage is available to how clearly the service is explained, when account holders hear about it and what options they have when funds run short.

What the research found

Read more at Advantage-Fi

Here’s how much it costs to raise a child in every state in 2026

Raising a child has long been called priceless. The bill, though, is getting harder to ignore.

The cost of raising a child through age 18 in the U.S. now stands at $303,418, according to LendingTree's latest annual analysis—the first time the estimate has topped $300,000 since the company began tracking it in 2023. That works out to about $16,857 a year, up 1.9% from $297,674 in the prior year's report. Over a longer stretch, the climb is steeper: The 18-year total is up 27.8% from LendingTree's first report.

The latest figures, released in April and based mostly on 2024 data, actually reflect a slowdown from earlier jumps. Housing was the biggest driver this time: The extra rent households with children pay compared with households without them rose 48.9%, to $1,680 a year. Infant day care, meanwhile, fell 3.2%, to $17,264 a year—the only category to drop by more than a fraction of a percentage point. Still, LendingTree chief consumer finance analyst Matt Schulz told Fortune that inflation is "just taking a toll, clearly, on people."

Read more at FORTUNE

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This Week’s Top 5 Stories in Fintech

As fintechs partner with F1 teams and banks like Mastercard break into the stablecoin space, read the top five stories in fintech of the week

Why Stripe is Sponsoring F1’s Mercedes-AMG PETRONAS Team

Programmable financial services company Stripe has announced a multiyear global partnership with the Mercedes-AMG PETRONAS F1.

Stripe will collaborate across the team’s global commercial operations, applying its technology to support the evolution of its financial capabilities as the team’s Official Global Payments Partner and an Official Team Partner.

Its technology will run across Mercedes’ global commercial operations.

Read more at FinTech Magazine

8 New Ontario Laws And Rules Coming In November 2026

November 2026 is hitting Ontario residents with one of the heaviest clusters of provincial and municipal changes this fall, touching everything from electricity bills and land registration fees to daylight saving time and school volunteer screening.

Several of these changes take effect on November 1, creating a single day where electricity rates shift, clocks fall back, and new school council rules kick in simultaneously.

Others carry strict deadlines that Toronto homeowners, low-income seniors, and property investors cannot afford to miss later in the month.

This is a full breakdown of every confirmed November 2026 change and deadline directly affecting ordinary Ontario residents, verified against official government sources.

Read more at Immigration News Canada

PayYield lifts net portfolio yield on every consumer repayment: clearing available funds on debits that

decline today, and cutting what you pay to accept

the dollars that do clear.

America's CEOs are spending big on AI, new KPMG survey finds

Nearly four out of five report that AI spending remains a top investment priority over the next three years.

There's a new CEO outlook survey out Thursday morning from the audit, tax, and advisory firm KPMG. And no surprise: Artificial intelligence is among the issues top of mind.

For more, “Marketplace Morning Report” host Kimberly Adams was recently joined by Tim Walsh, chair and CEO of KPMG U.S. The following is an edited transcript of their conversation.

Kimberly Adams: You all surveyed 400 CEOs of large companies for this survey. How big of a deal was AI in this year's results?

https://www.marketplace.org/story/2026/10/15/ceos-keep-spending-big-on-ai-new-kpmg-survey-finds

LEND360 was a Great Success! 

Our 2026 LEND360 Conference was a Great Success!

We had a record number of attendees, including record numbers of CEOs and lenders. Networking was king with a record number of meetings booked through our LEND360 platform combined with numerous additional opportunities for participants to make that next connection. The content was incredible, too.

Highlight speakers included Wade Arnold of Moov, Naftali Harris of SentiLink, Sherrie Rees of First Electronic Bank, Jer Woods of Block, Rodney Williams of SoLo Funds, Manoj Verma of TabaPay, Sarah Hartung of Old National Bank, Meredith Winegar of

Old National Bank, and famed political commentator

Karl Rove.

We had over 20 focused content sessions that addressed key issues facing our industry using the expertise of our 100+ speakers to give participants concrete takeaways. 

We extend a special thank you to the 90+ sponsors (including a sold-out exhibit floor)

that made this show possible. We are already working to make next year’s show even better and look forward to seeing everyone at the

2027 LEND360 event in Chicago on October 4-6.

3 U.S. Consumer Credit Stocks Worth Watching As Borrowing Pressure Builds

Consumers leaning harder on credit cards while job searches drag out creates real stress for households, but it also shines a spotlight on U.S. companies plugged directly into consumer borrowing, collections, and specialty finance. That tension between risk and resilience is where mispriced opportunities sometimes appear. This article walks through three U.S. consumer credit stocks exposed to these labor market headlines and explains how each could either benefit or be tested as conditions evolve.

The three stocks covered next are just a sample set, and the full screen turned up 23 more sizeable U.S. consumer credit and specialty finance companies with equally detailed stories that are not unpacked here.

Read more at SimplyWall.st

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14 dying professions that aren’t worth pursuing at this point

Key takeaways

• Factory Workers: Automation and robots are replacing tasks, especially dangerous or repetitive jobs, though actual replacement rates may be lower than perceived.
• Travel Agents: AI and online platforms now handle most travel planning, reducing demand for traditional travel agents.
• Reporters: Declining advertising revenue and subscriptions have led to significant layoffs, shrinking newsroom workforces.

The job market seems to be facing more changes than ever, and while some jobs show signs of growth in the future, more and more professions are starting to die.

Whether because a specific industry is changing dramatically or part of a job is being replaced by artificial intelligence, those looking for new careers should be mindful of the employment outlook.

Read more at FinanceBuzz Money

US consumer finance survey finds increased income and credit card debt

US – American households have experienced moderate income gains, but there is increased financial stress for a growing number of families, according to the Federal Reserve’s triennial Survey of Consumer Finances. 

The survey collects information about family income, net worth, credit use and other financial outcomes.

The findings from the 2025 survey, published this month, suggest that most families experienced moderate increases in income and net worth between 2022 and 2025, but credit card debt increased and the proportion of families who reported being behind with bills had also increased.

In its analysis, the Federal Reserve said that against a backdrop of moderate economic expansion and elevated inflation, "the 2025 SCF indicates that while most families experienced moderate increases in income and net worth, an increasing subset of families appear to have been experiencing financial stress".

Read more at Research Live

Sitting on the Sidelines Until After the Midterms?

You’re not alone. Many business owners and executives are waiting for greater clarity from the November elections before committing to their

next phase of growth.

But waiting to make the decision doesn’t mean you

should wait to prepare for it.

If additional capital will be part of your growth strategy once the political

and economic environment becomes clearer, now may be the right time

to begin the conversation.

Opening Accounts Isn’t Enough

Why the First 90 Days Matter Most

A new checking account may look like growth on paper. Whether it becomes a primary relationship is what determines long-term value.

Too many community banks and credit unions still treat a new checking account like a finished win. It isn’t. It is a start.

That may sound obvious, but the way growth is often measured suggests otherwise. A campaign runs. New accounts come in. The numbers go on a dashboard. Leadership sees movement and assumes the strategy is working.

Read more at Advantage-Fi

Upgrade Banking Plans: New Era of Choice for Modern Consumers

Upgrade has filed for a Nevada industrial loan company charter, seeking its own FDIC-insured bank. The move could expand funding flexibility for its lending products. Customer benefits remain uncertain, hinging on regulatory approval and Upgrade's eventual business decisions rather than the filing itself

Overview:

• Upgrade has filed for a Nevada industrial loan company charter, a narrow and specific type of bank license, with approval still pending
• The proposed bank would add a funding option alongside Upgrade's existing bank partnerships, not replace them
• Any real benefit for customers depends on decisions. The upgrade has not been made yet, not on the filing alone

Read more at Analytics Insight 

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How AI Assistants Decide Whether a Lending App Is Legitimate

Ask ChatGPT, Perplexity or Gemini whether a particular lending app is legitimate and the answer will rarely be a simple yes or no. These systems assemble an answer from whatever public record they can find: the legal entity behind the product, the terms it publishes, the regulators it answers to, and what users say in app store reviews. When that record is thin, the model hedges. When the record is specific and consistent, the model answers with confidence.

That matters more in Mexico than in most markets. Millions of adults there are underbanked or carry thin credit files, and small digital loans have filled a gap that traditional banks never served well. The category has also attracted bad actors, so the question of whether an app is real gets asked constantly, and increasingly it gets asked to an AI assistant rather than typed into a search box.

Read more at Big News Network

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