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Keyword: creditcard

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  • Credit card delinquencies surge, almost 1 in 5 users maxed out: Research

    05/15/2024 8:01:43 AM PDT · by ChicagoConservative27 · 20 replies
    The Hill ^ | 05/15/2024 | ARIS FOLLEY
    Credit card delinquencies are on the rise, as research from the New York Federal Reserve shows nearly a fifth of borrowers are “maxed-out.” According the new report, issued by the bank’s Center for Microeconomic Data, household debt rose by 1.1 percent, or $184 billion, in the first quarter of the year, bringing the total to $17.69 trillion. “In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the household and public policy research division at the bank, said in a statement....
  • Average Credit Card Debt In US Now Soaring Past $6,500

    05/11/2024 9:21:52 PM PDT · by SeekAndFind · 52 replies
    Epoch Times ^ | 05/11/2024 | Mary Prenon
    A just-released report from Scholaroo indicates that the U.S. national average for credit card debt has escalated to $6,555, with New Jersey residents leading the nation with an average debt of $8,155 per credit card. Scholaroo, a national firm matching college students with potential scholarships, surveyed more than 2,000 people across the United States during the final quarter of 2023.Coming in at a close second is Connecticut, with an average debt of $8,011 per credit card, followed by Maryland, New York, and Alaska—all with average credit card debts of more than $7,600 per card. Rounding out the top 10 states...
  • Credit Card Delinquencies Hit All-Time High, So Biden Caps Late Fees

    04/12/2024 10:43:57 AM PDT · by SeekAndFind · 47 replies
    PJ Media ^ | 04/12/2024 | Rick Moran
    When the economy is going well, people buy a lot on credit and keep current with their credit card debt. When the economy stinks, people still buy a lot on credit but fall behind in their payments. By that measurement, we're in a lot of trouble. The Federal Reserve Bank of Philadelphia published a study showing that the rate of credit card delinquencies — 30, 60, and 90 days past due — rose to a level not seen since 2012. And it gets worse. "Fourth quarter 2023 featured the worst card performance in the series," the report said. "All stages...
  • Nolte: Bidenomics Drives Credit Card Delinquencies to Record High

    04/11/2024 7:55:59 AM PDT · by ChicagoConservative27 · 14 replies
    Breitbart ^ | 04/11/2024 | John Nolte
    Delinquency rates among American credit card holders are at an all-time high, while at the same time a record number of “active accounts” have “a balance of over $2,000,” according to a Federal Reserve Bank of Philadelphia report. We’re more than three years into the Biden presidency, so we all know where the blame lies. More from Bloomberg: Almost 3.5% of card balances were at least 30 days past due as of the end of December, the Philadelphia Fed said. That’s the highest figure in the data series going back to 2012, and up by about 30 basis points from...
  • Riley Strain's body found in Nashville river, police say

    03/22/2024 11:32:15 AM PDT · by Red Badger · 26 replies
    NBC News ^ | 22 March 2024 | By Katherine Itoh and Matt Lavietes
    Strain disappeared on March 8 after being kicked out of Luke’s 32 Bridge Food + Drink in downtown Nashville while on a trip with his fraternity. University of Missouri student Riley Strain's body has been found in the Cumberland River Friday morning, the Metropolitan Nashville Police announced. "The body of Riley Strain was recovered from the Cumberland River in West Nashville this morning, approximately 8 miles from downtown," the department wrote on X. "No foul play-related trauma was observed. An autopsy is pending." Police received a call around 7:28 a.m. from a worker at a nearby business who discovered Strain's...
  • Missing student Riley Strain’s body found in Nashville river

    03/22/2024 8:02:18 AM PDT · by bitt · 33 replies
    https://nypost.com ^ | 3/22/2024 | Richard Pollina
    The body of missing University of Missouri student Riley Strain has been found in a Nashville river after he went missing leaving a country bar earlier this month, authorities said. “The body of Riley Strain was recovered from the Cumberland River in West Nashville this morning, approximately 8 miles from downtown,” the Metropolitan Nashville Police wrote on X. His body was found in the Cumberland River near 61st Avenue North around 7:30 a.m. Friday, news station WKRN reported. No foul play is suspected, but an autopsy has been scheduled, police said. Strain was visiting the Music City with his Delta...
  • Last known video of Riley Strain shows student ‘jogging’ away from his hotel before disappearance

    03/22/2024 7:04:49 AM PDT · by ChicagoConservative27 · 8 replies
    NY Post ^ | 03/22/2024 | Snejana Farberov
    The family of missing student Riley Strain says it has been shown unreleased surveillance video that captured him walking fast or “jogging” in the opposite direction of his hotel. Chris Whiteid, Strain’s stepfather, and Chris Dingman, a friend acting as the family spokesman, revealed that Metro Nashville Police on Sunday showed them the last known video of the University of Missouri student from the night of his disappearance. “We got to see him walking,” Whiteid told NewsNation in an interview that aired Thursday. “We got to see him kind of at a fast pace walk, almost a jog. And it...
  • TikTok sleuths behind key breakthroughs in Riley Strain disappearance case

    03/20/2024 7:22:10 AM PDT · by ChicagoConservative27 · 21 replies
    NY Post ^ | 03/20/2024 | Isabel Keane
    Two TikTokers taking part in the search for missing college student Riley Strain — livestreaming their search efforts for followers — found his credit card near the Cumberland River in Nashville. Two TikTok users, @nobodyleftbehind13 and @annaclendening, were sharing their search as it unfolded live with followers when they stumbled across the missing Mizzou student’s credit card. “S—. I found his credit card,” one user can be heard saying in a video that was later shared to @rileylively’s account, Fox News Digital reported. Another user filming the search chimes in, “You found his credit card? We found his credit card....
  • Yellen on Record Credit Card Spending: We Have ‘Normalization,’ Not ‘Disturbing New Trend’

    03/14/2024 6:44:44 AM PDT · by ChicagoConservative27 · 19 replies
    Breitbart ^ | 03/13/2024 | IAN HANCHETT
    During an interview with the Fox Business Network on Wednesday, Treasury Secretary Janet Yellen answered a question on record credit card spending by stating that we still have strong credit quality and delinquencies have gone up a small amount from a historically low level and while “particularly lower-income households are borrowing again on credit cards. I see that as a normalization, rather than a disturbing new trend.” Fox Business White House Correspondent Edward Lawrence asked, [relevant exchange begins around 4:05] “Last year, many economists predicted a recession this year. We haven’t seen it. It looks like we may not see...
  • Capital One to Acquire Discover as Debt Continues to Strangle Americans

    02/20/2024 5:59:27 AM PST · by Red Badger · 68 replies
    Liberty Daily ^ | • Feb. 20, 2024 | By Harold Hutchison, Daily Caller News Foundation
    Capital One announced on Monday it was acquiring a rival financial services company in a massive stock deal as Americans continue to be plagued with credit card debt, according to The New York Times. The McLean, Virginia-based bank announced it would acquire Discover Financial Services in a $35.3 billion all-stock transaction, The New York Times reported. The acquisition of Discover would give Capital One more market power due to Discover having a payments network of its own at the same time as credit card debt continues to mount for consumers, according to The Wall Street Journal. The acquisition could face...
  • New York’s new credit card surcharge law is in effect: Here’s what it means for customers and businesse

    02/12/2024 11:17:36 AM PST · by ChicagoConservative27 · 80 replies
    NY Post ^ | 02/12/2024 | Vaughn Golden and Emily Cra
    A new law requiring New York businesses to clearly display the total cost of purchasing items with a credit card — including any surcharges — is in full swing. As of Sunday, businesses in the Empire State are required to disclose any additional credit card surcharges before a customer begins to check out. The businesses can either post the total price, inclusive of the credit card surcharges, or list the different prices for both card and cash payments for items. “As more New Yorkers use credit cards and EBT [electronic benefit transfer] products to purchase goods and services, pricing transparency...
  • U.S. Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure

    02/07/2024 2:57:24 PM PST · by SeekAndFind · 58 replies
    CNBC via MSN ^ | 02/07/24 | Jessica Dickler
    * Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York. * Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet. * Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found. Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. This is...
  • Credit card debt smashed another record high at the end of 2023

    02/06/2024 9:45:08 AM PST · by ChicagoConservative27 · 45 replies
    foxbusiness ^ | 02/06/2024 | Megan Henney
    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...
  • Americans Accumulate Record Credit Card Debt Amidst Inflation and High Interest Rates, Concerns Rise Over Banking Stability.

    02/06/2024 2:37:10 AM PST · by davikkm · 5 replies
    Americans are piling on more credit card debt amidst persistent inflation and high interest rates, driving total debt to a new record of over $1.08 trillion, according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit. Meanwhile, Fed Chair Powell downplays the likelihood of a real estate-led banking crisis but anticipates closures or mergers among smaller banks. The tightening monetary policy reflects the most restrictive measures since the 1970s and 1980s, with stricter loan standards observed across the board, especially in Commercial Real Estate loans.
  • Credit Card Crunch: 21% Rely on Plastic for Emergencies… As Unpaid Balances Soar, Economic Struggles Deepen Across America

    02/01/2024 7:07:02 PM PST · by davikkm · 13 replies
    A concerning trend emerges as 21% of Americans admit they would turn to credit cards to cover an emergency expense exceeding $1,000, planning to pay it off over time—an unsettling revelation from Bankrate. The resurgence of unpaid credit card balances surpassing 2019 levels paints a grim picture of financial strain, with 60% of Americans navigating the precarious terrain of living paycheck to paycheck. The average credit card debt hovering around $6,000 underscores the mounting financial pressure on households, raising alarms about the sustainability of current economic conditions. Recent job cuts in prominent companies such as Wayfair, Hasbro, Spotify, and Twitch...
  • Credit Card Chaos: Delinquency Peaks, Balances Soar, and Interest Rates Hit the Roof… Brace for Impact!

    01/25/2024 3:48:53 AM PST · by davikkm · 22 replies
    In the ever-evolving landscape of financial dynamics, a disconcerting narrative unfolds. Credit card delinquency rates have surpassed pre-pandemic levels, marking a troubling turn in the economic trajectory. The report from the Federal Reserve Bank of Philadelphia paints a stark picture of the challenges faced by consumers, revealing alarming statistics that demand our attention. Delving into the heart of the matter, the report reveals that credit card delinquency rates have surpassed pre-pandemic levels. A staggering 3.2% of card balances were at least 30 days past due as of September, marking the highest figure in over a decade. This surge, up by...
  • Emerging Credit Crisis: Americans Accumulate Record Credit Card Debt

    01/11/2024 10:29:45 AM PST · by davikkm · 17 replies
    Amidst growing concerns, the United States is witnessing an alarming surge in credit card debt, with 56 million Americans grappling with credit card balances for over a year. The Federal Reserve Bank of New York’s quarterly report reveals an unprecedented milestone, as total card balances reach a staggering $1.08 trillion, reflecting a 40% surge in the last two years.
  • Rising Credit Card Balances and Economic Discontent: Unpacking the Reality of Worsening Inequality

    12/20/2023 6:41:41 AM PST · by davikkm · 13 replies
    In the intricate web of economic indicators, the perils of relying on averages come to light, exposing the stark reality of worsening inequality. Beyond the glossy surface of seemingly prosperous financial landscapes, a deeper dive into individual income data reveals a challenging narrative for the bottom 80 percent. Bank of America’s assertion that credit card delinquencies are on the rise is a somber note in the symphony of economic statistics. While, on average, households may boast flush liquid assets, the truth lies in the nuanced story of individual struggles within the lower income brackets. This narrative is intimately tied to...
  • There is a mounting probability of a looming surge in massive credit card loan delinquencies and defaults.

    12/05/2023 1:57:52 PM PST · by davikkm · 43 replies
    fredblog.stlouisfed.org/2023/12/three-measures-of-us-credit-card-debt/#:~:text=In%202023%2C%20outstanding%20credit%20card,for%20consumer%20spending%20going%20forward. From a disposable income standpoint the Fed data agrees that the consumer is better able to service their debt now than they ever have. That peaked during the stimmie checks but that gap has closed from -25% to -5% in the past 2 years. Which is not a promising trend. Adjusting for inflation the debt is equal to pre Covid but 20% higher than post GFC.
  • Average credit card balances rise to more than $6,000 Credit card delinquencies reached highest levels in a year

    10/05/2023 10:19:58 AM PDT · by Signalman · 25 replies
    Fox Business ^ | 10/5/2023 | Javier Simon
    As Americans deal with stubborn inflation, they’re increasingly turning to credit cards to make ends meet. In fact, credit card originations rose 0.16% month-to-month in August, according to the latest data from VantageScore. And the average credit card balance jumped 11.1% year-over-year to reach $6,082. "In August, lenders tightened access to credit across most products and consumers continued to remain cautious about adding to their debt levels," Susan Fahy, the executive vice president and chief digital officer at VantageScore, said in a statement. "The data shows that over the summer many U.S. consumers began to feel the strain of rising...