McDonald’s (MCD) warned that problems in China may cause it to fall short of its global sales goal for the year. The world’s largest fast-food chain said problems with a supplier in China accused of using expired beef may force the company to fall below its relatively flat global same-store sales projection for 2014. McDonald's also reported today that global store sales for July fell 2.5%, due in part to the meat scandal. The company reported July same-store sales in the U.S. were down 3.2% from poor customer traffic.
Fair Isaac, the company behind FICO scores, said it won’t consider overdue bills that had been paid and won't weigh unpaid medical bills as heavily when calculating the scores. The change, which begins this fall, could allow many Americans to get a loan or get a better interest rate. After speaking with the Consumer Financial Protection Bureau and several lenders, Fair Isaac determined that debt from medical bills weigh heavily on consumers.
Meanwhile, a Federal Reserve survey found that nearly 40% of Americans aren’t prospering. The survey conducted in September of last year found 25% of households reported they were "just getting by" and another 13% said they were "finding it difficult to get by." The survey also found that 22% of respondents had received financial help from friends or family since 2008, while 34% had given help in that time period.
We want to know what you think. Was the way Fair Isaac calculated the FICO score too strict? Or are you finding it difficult to prosper, or even just get by, in this economy? Tell us why by leaving a comment below or on Twitter.
- Fair Isaac