"Vibecession" is used to describe the disconnect between how the economy is doing and how some households feel about their financial standing."There continues to be positive progress against bringing down inflation," said Charlie Wise, senior vice president and head of global research and consulting at TransUnion. However,"consumers continue to feel worse about it.
"From filling up a tank of gas to making a rental payment to buying groceries, most consumers are paying more today for everyday expenses than they ever have," he added."And if they're using a credit card to make these purchases, their interest rates are at much higher levels, so costs also are rising for those consumers carrying a balance.
"If you're a homeowner or if you own financial assets, you've done very well, but you're leaving out huge segments of the population," Joyce Chang, JPMorgan's chair of global research, "The wealth creation was concentrated amongst homeowners and upper-income brackets, but you probably have about one-third of the population that's been left out of that — that's why there's such a disconnect," Chang said of the last few years.At the same time, credit cards remain one of the most expensive ways to borrow money. The average credit card charges almost 21%, a near-record, according to Bankrate.
"Utilize zero-percent credit card balance transfer offers, shop around for lower fixed-rate personal loans and home equity loans, and channel as much income as possible toward paying down this debt as quickly as possible," McBride advised.25-year-old turned down Yale for a state school in 2017—now she makes $90,000 a year and has ‘no regrets'
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