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Credit card debt

Despite rising interest rates, consumers increased their spending in July

by Kimberly Adams
Aug 31, 2023
But what they're spending their money on is shifting.
Despite climbing interest rates, consumers spent .9% more on goods in July than in June.
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Why do consumers keep on spending — even when they don't have the cash?

by Mitchell Hartman
Aug 14, 2023
Households feel their finances have been improving, the New York Fed says. But Americans appear to be racking up more credit card debt.
Analysts are looking at consumers' motivations for robust spending despite high prices and mounting debt. Per one theory, the feeling of surviving hardship and unpredictability has made them more confident.  
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Inflation, high interest rates, and access are all part of credit card debt exceeding $1 trillion

by Stephanie Hughes
Aug 9, 2023
A strong labor market also means people feel more confident they'll be able to pay the debt back.
Gen Zers are are growing their credit card balances at a faster pace than any other generation, and are confident they'll be able to pay it back in the future.
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Consumer confidence is rebounding. Here's why.

by Mitchell Hartman
Jul 26, 2023
The University of Michigan's consumer sentiment index is up 40% over last year, aided by moderating inflation and job market strength.
"We know from history that as long as folks are working, they feel more comfortable about spending,” said Quincy Krosby of LPL Financial.
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Americans have almost $990 billion in credit card debt

by Stephanie Hughes
Jun 9, 2023
But with interest rates high and wage growth slowing, that level of spending is becoming unsustainable.
Between early 2021 and mid-2022, about 10 million people got credit cards who hadn’t had them before.
Olivier Douliery/AFP via Getty Images
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My Economy

How a college credit card signup led to $20,000 in debt

by Yanely Espinal and Sean McHenry
Apr 24, 2023
Yanely Espinal, host of Marketplace's podcast "Financially Inclined," tells the story of taking on a financial responsibility she wasn't prepared for.
"I sat down, added up all the credit card debt that I had," Yanely Espinal said. "And it was just over $20,000. That scared me half to death."
Martin Bernetti/AFP via Getty Images
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Inflation, high spending propels consumer debt up

by Mitchell Hartman
Mar 9, 2023
Different types of consumer debt saw a substantial rise in January, according to the Federal Reserve.
Consumer debt, led by credit card spending, has been on the rise in the U.S. in the past few years.
Joe Raedle/Getty Images
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Credit card debt is rising. Again.

by Samantha Fields
Feb 20, 2023
Card debt, which fell during the pandemic, is at a record $986 billion, according to the New York Fed. Delinquencies are rising too.
Though expanding credit card debt may represent a return to normal, the "pre-pandemic normal ought to concern Americans," says Aaron Klein at the Brookings Institution.
Franko Lee/AFP via Getty Images
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Americans’ use of credit is growing, but slowing 

by Stephanie Hughes
Feb 8, 2023
In 2022, consumer credit increased 7.8% from the year before. But in December, the growth in borrowing decelerated.
Consumer credit increased 7.8% last year, according to recent Federal Reserve data. But some Americans appear to be getting more cautious about debt.
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Study details young people's struggles to keep pace with debt payments

by Samantha Fields
Dec 16, 2022
About 20% of young adults with a credit report have debt in collections, report shows. As a group, they may face higher borrowing costs.
A study from the Urban Institute discusses the financial problems of many young people who have auto loans.
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