Even as the Federal Reserve begins to slow its pace of rate hikes, households, companies and the U.S. government should brace for higher borrowing costs to keep seeping into the economy, according to Glenmede.
... Even as the Federal Reserve begins to slow its pace of rate hikes, households, companies and the U.S. government should brace for higher borrowing costs to keep seeping into the economy, according to Glenmede. The toll has been felt more acutely by borrowers with adjustable-rate debt, like credit cards. The average card was charging about 20% as of a week ago, the highest on record since Bankrate began tracking these rates in the mid-1980s.
While expected to climb , the pandemic debt refinancing boom has helped keep a lid on debt-service costs for U.S. households as a portion of their budgets , for corporations and the federal government , when comparing interest costs from two decades ago.
Going forward, we will likely also see an increase in consumer late payments and delinquencies, especially for lower credit quality lenders, like Discover (DFS), possibly CapitalOne and others.
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