SoFi Blog

Some prominent ecommerce companies are burning through their cash reserves as the economic landscape changes.

Delinquencies Up

Over the last few months, market observers have noted an uptick in late or missed payments and credit card delinquencies. Pacific Gas & Electric (PCG) reported 1.4 million customers were late paying their bills last year — a greater than 50% increase from 2020. Both JPMorgan Chase (JPM) and Wells Fargo (WFC) noted an increase in credit card and auto-loan delinquencies.

While industry analysts acknowledge the payments shortfall in part reflects an affordability issue, others wonder if the many negative issues weighing on people’s minds are leaving them distracted. With the ongoing threat of COVID-19, stock market declines, and soaring inflation, Americans have a lot to worry about.

Bad Consequences

Financial advisors are warning clients of the perils of neglecting financial responsibilities. Missing credit card payments can adversely affect credit scores and result in both late charges and higher interest rates on debt. Failing to keep an eye on one’s investment portfolio can also trigger a financial cost in the form of higher taxes due, suboptimal portfolio performance, or both.

Troubling headlines can prompt anxiety and a crisis mentality that makes it easy to forget everyday tasks like paying the utility company. However, there are ways to keep the bills paid and achieve peace of mind amid the noise of external events.

Tips and Tricks

Behavioral psychologists and advisors have a few tips and tricks that can make it easier for you to stay on top of your financial affairs. The method that works best depends on the individual. For some, writing down what is due on what date may work. For others, automating payments can remove the need to remember all those due dates. Another idea is to set up a regular schedule for bill payments, perhaps bi-weekly, with each month’s bills paid over two sessions.

Putting a recurring appointment in your calendar for an investment portfolio check in can help to ensure your investments aren’t neglected. Offloading the task to a money manager can also ensure you stay on track, provided that fits your finances.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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Delinquencies are rising as it seems more Americans are forgetting to manage their personal finances amid external distractions.

Amazon will update Prime Video’s look to provide a better customer experience with a format similar to its rivals.

SAN FRANCISCO – July 19, 2022 – SoFi (NASDAQ: SOFI), the digital personal finance company, today announced plans to host a conference call to discuss financial and operating results for the second quarter of 2022 on Tuesday, August 2, 2022, at 5 p.m. Eastern Time. SoFi also plans to release its second quarter 2022 results on the investor relations section of its website at https://investors.sofi.com after the close of the financial markets on Tuesday, August 2, 2022.

Full session details for the conference appearance are as follows:

CONFERENCE CALL DETAILS – TO DIAL IN BY PHONE
To pre-register for this call, please go to the following link (you will then receive your personal dial-in access details via email): https://ige.netroadshow.com/registration/q4inc/11377/sofi-q2-2022-earnings-conference-call/

WEBCAST DETAILS – AUDIO-ONLY
Use this link to access the audience view of the webcast: https://events.q4inc.com/attendee/328594220

A replay of the webcast will be made available after the call on the Investor Relations page of the Company’s website at https://investors.sofi.com/overview/default.aspx

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our nearly four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Disclosures

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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