Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Credit-Card Lenders Resume Courting Subprime Consumers · 11 Jan 2022 podcast

They took a variety of actions for both new and existing customers. matched

Around the beginning of last year, for some lenders, give or take a couple months earlier or later than that, lenders started talking about how they were unwinding some of the tighter standards that they had put in place during the pandemic in particular for their existing customers. matched

But the credit reporting data in addition to that showed matched

that standards were becoming easier for people trying to get, to become customers, to get new credit from the banks. matched

So we are in an environment where risk generally looks very low right now. matched

The unemployment rate is low. matched

The missed payments that banks are seeing on credit cards remain very low, close to record levels of how low they are. matched

And in general, you have on one side of the equation here, a low risk environment. matched

At the same time, the banks are looking to increase profitability matched

within their credit card divisions. matched

Profits within banks' credit card divisions took a hit, especially early on during the pandemic. matched

So credit card profitability fell in 2020 to the lowest level since 2009, according to the Fed. matched

And that was the result in large part of matched

people paying down their credit card balances, and at the time, a declining usage of credit cards. matched

So when balances fall, generally what that means is that people are paying less in interest charges to the banks. matched

That means less interest income for the banks. matched

In addition, banks receive other sort of fee revenue from credit cards. matched

For example, every time people use their credit cards to make purchases, matched

banks get fee payments from the merchants, something called interchange fees. matched

When card usage declines, that fee revenue generally also falls. matched

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