Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly

Re:Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costi... by Sohcahtoa82 on Monday June 17, 2024 @02:12PM (#40709038)

The Forbes article linked above shows that 80% of Americans have $2,000 or less in savings. That's 80% of everyone, not just people living paycheck to paycheck.

That directly contradicts your claim that the majority has 3 months of emergency savings unless you're so out of touch to think that $2,000 is enough to last people 3 months.

[ Parent | on HN ]

Re:Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costi... by mgraczyk on Monday June 17, 2024 @03:17PM (#40709855)

These are self reported numbers, and contradict the numbers from the federal reserve, individual banks, and credit card companies. My main problem with the claim is this. If credit were required by the majority of people, how can it be the case that fewer than 50% of people maintain a balance on any card?

[ Parent | on HN ]