Credit Card Balances at Pace with Inflation: Whitney

Meredith Whitney discusses consumer credit trends, highlighting the rise of earned wage access and buy now pay later as credit card replacements, while noting premium card fees benefit American Express. She also expresses caution on bank stocks for retirement and sees inflation easing based on credit card spending data. - Earned wage access is the fastest growing fintech segment as consumers live payday to payday. - Buy now pay later is replacing traditional credit cards, especially among younger generations. - Premium credit card fees are lucrative, benefiting companies like American Express as consumers pay balances monthly. - Bank stocks are not ideal for retirement due to share buybacks at high valuations and lack of dividend growth. - Two-thirds of workers live paycheck to paycheck, with many using high-cost alternative financial services. - Credit card spending decelerated, suggesting inflation is already easing.