Daily Digest – August 9. Uber To Shutter Finance Unit; Consumer Credit Continues To Climb

UBER TO SHUTTER FINANCE UNIT: REPORT

  • Uber is rumored to be closing its finance operation, which provided leases to individuals that wanted to purchase cars so they could drive for the ride-sharing service. Originally expected to lose about $500 per vehicle, the company recently revealed that losses were actually 18 times higher – $9,000 per vehicle. About 500 people work at the finance unit.

CREDIT CARD DEBT SURPASSES PRE-2008 RECESSION LEVELS

  • The amount of credit card debt in the United States is back above the pre-2008 recession levels, according to data from the Federal Reserve. There was nearly $1.03 trillion in unpaid credit card debt in June. The total amount of consumer debt increased $12 billion from May to June, which was less than what economists had been expecting.

WORTH NOTING: The largest dinosaur ever, make that the largest mammal ever, has been discovered in Argentina … The two reasons why millennials cheat on their significant others … So excited to hear that David Letterman is coming back. Loved this line: If you retire to spend more time with your family, check with your family first … Tensions between the U.S. and North Korea are heating up … Companies are saving on pensions because people are dying younger … Nearly 20 million U.S. households have no net worth or owe more than they are worth … A man who has flown more than two million miles shares his 10 tips about flying … If you have goals, research says keep them to yourself … Cities and towns in the path of of this month’s solar eclipse are cashing in.

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Mike Gibb

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