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Yanely Espinal, host of Marketplace’s podcast “Financially Inclined,” tells the story of taking on a financial responsibility she wasn’t prepared for.
Different types of consumer debt saw a substantial rise in January, according to the Federal Reserve.
Card debt, which fell during the pandemic, is at a record $986 billion, according to the New York Fed. Delinquencies are rising too.
In 2022, consumer credit increased 7.8% from the year before. But in December, the growth in borrowing decelerated.
About 20% of young adults with a credit report have debt in collections, report shows. As a group, they may face higher borrowing costs.
The personal saving rate declined in October to its lowest point since 2005. “A lot of people are close to the edge, unfortunately,” an analyst says.
Their debt levels are rising as the holiday shopping season ramps up. It helps that unemployment is low.
Here’s why it’s rising, and what it says about consumers’ finances.
That’s the biggest year-over-year increase in 20 years. Inflation is just part of the reason.
After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.
