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The latest in financial news: Is there a possible credit card crisis coming, California proposes new legislation about AI, and Mark Cuban gets over $870,000 hacked from his crypto wallet.

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Possible Credit Card Crisis Incoming

As the year unfolds, conversations surrounding inflation and the escalating costs of essentials such as food and fuel persist, posing challenges to the average American's monthly budget. With the relentless surge in food prices, it's tempting to rely on credit cards for immediate relief, deferring payments to a later date. However, it's essential to recognize that credit cards come with a steep price tag in the form of interest rates, which can range from 6% to a staggering 24% on an annual basis, depending on the specific card.

Over recent months, a troubling trend has emerged from VantageScore: an upward trajectory in delinquencies concerning credit card payments. Accounts that are 30-59 days past due have increased by 0.11% over the past three months. Accounts that are 60-89 days past due have increased by 0.03% over the past three months. Accounts that are 90+ days past due have increased by 0.03% over the past three months, reaching the highest they have been this year. As these delinquencies mount, so too does the risk of substantial losses.

California Assemblymember Against AI

Assemblymember Kalra has put forth a legislative proposal to the California state government aimed at imposing restrictions on the utilization of generative AI. Joining forces with the Screen Actors Guild and American Federation of Television and Radio Artists (SAG-AFTRA), Assemblymember Kalra seeks to introduce regulations that would curtail the widespread adoption of generative AI in the entertainment industry, particularly in cases where adequate representation is lacking. The objective behind this move is to ensure that individuals receive proper safeguards against the exploitation of their digital likenesses by corporations without commensurate compensation.

Mark Cuban Loses $870k In Crypto Hack

In a recent incident, billionaire Mark Cuban experienced a security breach in his cryptocurrency hot wallet, resulting in multiple transactions totaling around $900,000 being siphoned from his digital vault. Speculations abound, with theories suggesting that Cuban may have unwittingly endorsed a malicious message or that his private key fell into the wrong hands. This episode underscores the persistent threat of malevolent actors targeting high-value cryptocurrency wallets for scams and cyberattacks.

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