This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
11/11/2024
Financially Struggling Consumers Are Twice as Likely to Face Payment Declines
PYMNTS
Payment declines are becoming less common, with payment declines overall falling from 18% to 12% in two years. However, financially struggling consumers continue to experience them at high rates.
These consumers often experience payment declines that prevent them from purchasing even essential goods. In fact, 7.1% of grocery payments attempted by struggling consumers came back declined — 12 times higher than the share among financially stable consumers.
At the same time, debit card transactions are making up a greater portion of payment declines. Debit declines now outnumber credit more than threefold.
These are just some of the findings detailed in “How People Pay: Paycheck-to-Paycheck Consumers Grapple with Payment Declines,” a PYMNTS Intelligence exclusive report. This edition examines the issue of payment declines. It draws on insights from a survey of 2,261 U.S. consumers conducted from Sept. 9 to Sept. 20.
More Info
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information