"And all this despite some of the lowest levels of unemployment in more than 50 years," McBride said.
"We also can't discount the importance of higher interest rates on the costs of borrowing for households," said John Sedunov, associate professor of finance at Villanova University's School of Business."Not only are goods and services more expensive, but so is money.
"Consumers are not financing purchases at 20% interest because they're flush," McBride said."The rising balances and increasing number of households carrying balances are signs of the financial strain millions of households are feeling."than they have in years, also due to higher inflation and interest rates.
Top-yielding online savings account rates are now at more than 5%, the highest since 2008′s financial crisis, with some short-term CDs even higher, according to Bankrate. "If this is a time when people can leverage the opportunistic situation with higher yields on savings products, then by all means," said Mark Hamrick, Bankrate's senior economic analyst.
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