Deal or no deal?: At the G-7 summit today, President Trump said China is genuine in its wish to strike a trade agreement with the United States, according to CNBC. So, will they? “I’m not sure they have a choice,” the President said in response to the question, citing an alleged phone call between the US and Chinese officials where finding a trade resolution was discussed.
However, Chinese authorities had a different recollection of finding common ground. “China didn’t change its position. China won’t cave to U.S. pressure,” said Hu Xijin, editor-in-chief of Chinese state-run newspaper the Global Time. Xijin is widely seen as a mouthpiece for Beijing’s messaging.
Credit cards for kids: There’s a reason why those under the age of 18 can’t apply for their own credit card, but some financial experts are now saying that arming teens with the plastic payment method can lead to more financially sound decision-making. The New York Times spoke to parents, financial advisors and others in the space to discuss how credit cards are fueling financial literacy.
Eviction’s causes and consequences: It is often thought that eviction is a consequence of poverty, but rarely is the logic reversed. The Economist looked at a number of studies — one of which seeks to prove exactly that — that measure the financial standing of those who are evicted and those who are not. Surprisingly, there was little difference in the financial statuses between the two groups but both sectors of society were in dismal states.
“They found that both groups were in remarkably poor financial shape in the years leading up to their eviction cases. They both remained similarly destitute in the years after. Taking advantage of the random assignment of judges—some of whom are more lenient than others—also let the researchers isolate the unique effect of eviction on measures such as credit scores, debt loads, use of payday lenders and neighborhood poverty levels.”
JP Morgan drops Chase Pay: As more and more Americans refuse to adopt mobile payment options over old-school credit cards, JP Morgan will discontinue its Chase Pay product early next year, according to Bloomberg. Chase Pay was created to compete with technology like ApplePay and Venmo but have found interest lagging. Although the rest of the world like China and others have seen electronic payment services take off, Americans haven’t found the offerings convenient enough to pry the plastic from their hands.
Fresh ideas for financial marketing: Whether your marketing strategy is a little stale or you just want some creative inspiration, we’ve got 10 fresh marketing ideas for the financial services industry on our blog.