Klarna’s latest initiative is a website aimed “at setting new standards for transparency and responsibility in the credit and lending industry,” the company said, adding that the “” site will challenge the status quo “by revealing comprehensive data on its services, including repayment rates, late fee rates and consumer age demographics, highlighting its commitment to fair and sustainable credit solutions.
Klarna said as credit card debt hits new highs, interest rates on cards have soared to 36 percent. In its poll of consumers, Klarna found that 41 percent of U.S. shoppers who use credit cards “are revolving month-to-month, with approximately one-quarter of credit card users saying they have paid their credit card late and incurred a late fee or had a credit card payment go into debt collection over the last year.
U.S. consumers who are saddled with massive credit card debt may not have themselves to blame. David Sykes, chief commercial officer at Klarna, said, “We still see too many of the traditional banks and credit card companies pushing products on consumers with exorbitant interest rates, hidden fees and revolving debt.”
“It is very clear that the traditional credit card model does not work in the favor of the vast majority of customers,” Sykes said. “Wikipink is not just a showcase of Klarna’s achievements, but a call to action for the entire financial industry to prioritize consumer well-being. By sharing our data and practices openly, we aim to inspire a shift toward more ethical, transparent and consumer-friendly credit options.”LeBron James' Wife Savannah Cheers in Balenciaga With Daughter Zhuri….