Posted on 02/06/2024 9:45:08 AM PST by ChicagoConservative27
Americans are increasingly turning to their credit cards to cover everyday expenses, with debt hitting a new record high at the end of December, according to a New York Federal Reserve report published Tuesday.
In the three-month period from October to December, total credit card debt surged to $1.13 trillion, an increase of $50 billion, or 4.6% from the previous quarter, according to the report. It marks the highest level on record in Fed data dating back to 2003 and the ninth consecutive annual increase.
There was also an uptick in borrowers who are struggling with credit card, student and auto loan payments. As of December, about 3.1% of outstanding debt was in some stage of delinquency, up from the 3% recorded the previous quarter but still down from the average 4.7% rate seen before the COVID-19 pandemic began.
(Excerpt) Read more at foxbusiness.com ...
I just ordered a rooftop tent/truck bed shell. I had to pay in full upon ordering and it was required to pay be credit card. It wasn’t a small purchase (about $7,000) so I was surprised they wanted a CC with the fees they’ll pay.
“ Don’t ever finance any expense or purchase of planes, boats, fuel, or maintenance on a line of credit.”
I only put on any of our cards, but we can pay off the end of the month. Actually, we’re near retirement so we have enough in savings. We can pay most anything off. I haven’t had any charges on a credit card yet. Although I know they’re still making that 3% on my purchases.
I started this a long time ago when I didn’t want to have to write checks for every purchase. Decided to use credit cards where I could and just write one check the end of the month, one for each card anyway.
Your son bought a house on your AMEX, that is so funny! I never would’ve even thought of doing that. Of course I didn’t know what a charge card was until today. Thank you for that.
I took a uber ride today.
Driver was talking about all her customers who were struggling with inflation and job loss.
This never happened under Trump.
I have a few credit cards. My CU card rate hasn’t changed in years. It is still at 10%. I have a couple of airline mile cards via a money center bank. As soon as inflation got nasty, those rates went from ~15% to well over 20%. WTF!
I have no clue what my rate or credit limit is. I do use cards but pay them off every month
What I find amazing is my CU credit card interest rate has remained stable at 10% while my airline miles cards have jumped from 15% to 25% during the last couple of years. I pay all my bills on line, but rate changes do show up in snail mail..
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