Americans are increasingly relying on long-term payment programs, subscriptions, and buy now, pay later programs to access life.
We’ll be getting a better picture of consumer borrowing this week from the Federal Reserve.
Stacy Cowley, a reporter from The New York Times, talks about how consumers are going into debt to pay for basic household needs.
The rise in oil prices and other commodities is helping to drive inflation up, with price increases outpacing wage gains.
“Buy now, pay later” transactions, which are essentially zero-interest, short-term loans, topped $1 billion for the first time this past Cyber Monday.
The typical cycle of taking on debt during Q4 and paying it quickly after the New Year may be more difficult this season as inflation, high rent, and high interest rates challenge consumer wallets.
As U.S. consumer debt climbs to record highs, social media creators are speaking candidly about a once-taboo topic.
Credit card and other debt rose fast in April, but low unemployment means most Americans are still spending.
Many consumers are thinking twice about taking on debt, while many lenders are tightening standards on credit card loans.
Late card payments and minimum payments are at a record high, the Philadelphia Fed says. Seasonal and longer-term factors have led to the rise.
