Young Americans are starting out with more credit-card debt than generations before them. That financial burden can have long-lasting effects. The rising debt load largely reflects a surge in prices for food and shelter at the start of their careers, coupled with a larger percentage of Gen Z who graduated with student loans. The average […]
Tag: Credit Card debt
America is facing a savings apocalypse disaster
A drop in savings among Americans and a record amount of credit-card debt could spell disaster for the country’s economy should a recession hit the U.S. in the coming months or next year, according to experts. Recent data from the U.S. Bureau of Economic Analysis shows the country’s personal savings rate has remained historically low […]
For the 1st time,US credit card debt tops 1 trillion
They can’t keep it straight. While President Biden claims ‘Bidenomics is working,’ his Vice President Kamala Harris bemoans the fact that ‘[m]ost Americans are a $400 unexpected expense away from bankruptcy.’ So, which is it? Here’s a clue. New numbers out Thursday morning showed inflation ticked up to 3.2 percent in July, from 3 percent […]
US credit card debt to hit 1 Trillion this year
American credit card debt remains at record-breaking heights, according to fresh government data, as consumers turn to plastic amid stubbornly high prices on everyday items and housing. U.S. credit card debt was $986 billion in the first quarter of this year, according to the latest report on household debt from the Federal Reserve Bank of […]
US Credit Card Debt is a $1 Trillion Problem
Americans could hold nearly $1 trillion in collective credit card debt before the end of the year, thanks to inflationary rises in everyday costs and interest rates. For the second quarter of 2022, Americans’ credit card debt rose 13 percent from the same period last year to $887 billion, according to the Federal Reserve Bank […]
American credit card debt at all-time high
Americans are piling up credit card debt as they struggle to keep up with the high cost of living. US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday.Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 […]