Credit card debt climbed to a record high in the third quarter of 2023, surging nearly 5% from the previous quarter and leaving a growing share of borrowers late on payments, a Federal Reserve
The average net worth of U.S. households skyrocketed nearly 40% between 2019 and 2022, a rate more than double a previous record high in the early 2000s, the Federal Reserve "People have to deal with this somehow," he added. "After blowing through savings to buy essentials, they do what's next: Find sources to borrow."
"The increase in credit card debt and delinquencies reflects in part the increased financial stress on lower-income households, who have been hit hard by the higher cost of living," Mark Zandi, chief economist at Moody's Analytics, told ABC News.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higherNY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
Source: Investingcom - 🏆 450. / 53 Read more »
Why the Fed Shouldn’t Get Credit for the Fall in InflationSpeaking at the Economic Club of New York in October, Federal Reserve Chair Jerome Powell described the U.S. economy as “resilient” and said he doesn't believe monetary policy is too tight. Photo: Bess Adler/Bloomberg
Source: WSJ - 🏆 98. / 63 Read more »
UBS resumes selling the bonds at the heart of Credit Suisse controversyUBS on Wednesday began selling Additional Tier 1 (AT1) bonds for the first time since completing the takeover of Credit Suisse.
Source: nbcsandiego - 🏆 524. / 51 Read more »
UBS resumes selling the bonds at the heart of Credit Suisse controversyUBS on Wednesday began selling Additional Tier 1 (AT1) bonds for the first time since completing the takeover of Credit Suisse.
Source: CNBC - 🏆 12. / 72 Read more »
Credit Agricole beats forecasts on strong investment bank boostCredit Agricole beats forecasts on strong investment bank boost
Source: Investingcom - 🏆 450. / 53 Read more »
Credit Agricole beats forecasts on strong investment bank boostCredit Agricole (CAGR.PA), France's second-largest listed bank, posted better-than-expected quarterly results on Wednesday, driven by a strong performance of its investment bank and retail activities.
Source: Reuters - 🏆 2. / 97 Read more »