Petal uses information beyond credit scores like earnings, spending and savings to identify people who are a good fit for a credit card; users can then use the Petal card to build their credit history; the company raised $13 million led by Valar Ventures. Source
Credit-card debt has grown to record highs and some large banks are reporting increased delinquency rates; this trend, combined with higher interest rates could be cause for concern according to Michael Pearce, an economist at Capital Economics; article provides data from the NY Fed on delinquent loans across student, auto, mortgage and credit card debt. Source
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