Credit card debt is up 13% from last year, New York Fed reports

Aug 3, 2022
That’s the biggest year-over-year increase in 20 years. Inflation is just part of the reason.
Credit card debt increased by 13% over recent months as consumers go back to pre-pandemic spending habits, like going to restaurants or traveling.
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We're saving less. Will we spend less?

Jun 14, 2022
After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.
Travelers board a train in Washington, D.C. Partially fueled by pent-up demand for services, consumers are spending down their savings.
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Consumers are spending up a storm — and spending down their savings

May 27, 2022
Even though they're pessimistic about the economy and economists worry about a recession.
Americans are spending more money than they've got coming in each month.
Patrick T. Fallon/AFP via Getty Images

Can you negotiate your credit card rate?

May 20, 2022
Credit Counselors can work with banks to bring down interest rates in order to get debt paid off.
Your credit card interest rate is negotiable — in a way.
Creative/Getty Images Illustration by Julia Schiff

Double whammy: Credit card debt grows as interest rates rise

May 9, 2022
Americans have a $860 billion credit card balance, according to the Federal Reserve Bank of New York.
After paying down credit card debt for the past few years, Americans have gone back to high spending.
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Who has added credit card debt during the pandemic?

Sep 28, 2021
Survey finds that people 40 and under are more likely than those who are older to have more credit card debt now than they did a year and a half ago.
The rise of consumer credit has banks on the lookout for whether or not consumers can pay their debt.
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As consumers pay off credit card debt, banks are likely to offer credit incentives

Jun 1, 2021
Banks are already stepping up marketing campaigns to try to get more consumers to use their services.
Since people have been good about paying off their balances, consumers’ credit scores have improved, says Andrew Davidson, who follows credit cards at Comperemedia.
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Could your emergency savings pay off your credit card debt?

Feb 25, 2021
More than half of Americans say their emergency savings could pay off their credit card debt, according to a recent poll.
More than a quarter of Americans owe more on their credit cards than they have in savings, according to Bankrate’s recent poll. That’s down slightly from a year ago.
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Last year's federal relief payments contributed to American households' ability to pay down their credit card obligations in the second quarter.
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Credit card debt is falling. That's good news — and bad news

Nov 19, 2020
It's good news for our personal economies, but it means we're not spending as much to prop the economy as a whole.
One expert says retail spending is losing steam right as the critical holiday shopping season is ramping up.
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