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Debt

More Americans are defaulting on credit card debt, study finds

by Matt Levin
Mar 11, 2025
An analysis from personal finance company WalletHub found consumers took on an additional $74 billlion in credit card debt in 2024.
Americans defaulted on $59 billion in credit card debt in 2024.
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Consumers are still strong, despite rising debt delinquencies

by Justin Ho
Jan 22, 2025
Though many households are faltering on credit card and auto loan payments, wealthier Americans are keeping the spending metrics robust.
Wealthier consumers are lifting the U.S. economy's healthy spending metrics.
Oli Scarff/Getty Images
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Consumers bolster spending figures but carry more debt

by Kristin Schwab
Jan 17, 2025
December sales figures showed spending was strong, but more consumers are using credit cards and buy now, pay later programs to finance purchases.
As retail spending remains steady, consumers are taking on more debt through use of credit cards and buy now, pay later programs.
Robert Nickelsberg/Getty Images
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2024 was a record year for bankruptcies. Why?

by Caleigh Wells
Jan 9, 2025
The pandemic set the stage for the bankruptcies, although they were delayed by government payouts and PPP loans.
Hundreds of businesses filed for bankruptcy last year — including stores like Party City and Big Lots, the airliner Spirit Airlines and the restaurant chain Red Lobster.
Justin Sullivan/Getty Images
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Why it feels like so many restaurants are declaring bankruptcy

by Sabri Ben-Achour
Dec 3, 2024
Restaurant foot traffic has declined in the U.S. by 3%-3.5%. And expenses are way up.
More than a dozen restaurant chains have declared bankruptcy this year.
Angela Weiss/AFP via Getty Images
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Nearly half of Americans are still paying off 2023 holiday debt, survey says

by Samantha Fields
Nov 29, 2024
The proportion has doubled since last year. Amid constant advertising, more people have credit card balances and those balances are rising.
"Holidays are No. 1 in terms of a big spending spike,” notes Ted Rossman of Bankrate.
Frederic J. Brown/AFP via Getty Images
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Buy now, pay later transactions likely headed for record holiday season

by Stephanie Hughes
Nov 28, 2024
The 0% interest on many buy now, pay later plans is appealing to cash-strapped holiday shoppers. But nonpayment ends up on credit reports.
Shoppers often use buy now, pay later programs for the big stuff, like furniture or electronics. But increasingly, it's also used for necessities like groceries.
Kamil Krzaczynski/AFP via Getty Images
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Data shows more loans are being rejected — but why?

by Justin Ho
Nov 19, 2024
The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.
Nancy Vanden Houten, lead economist at Oxford Economics, said lower-income borrowers are having the most trouble with credit card and auto loan applications.
Justin Sullivan/Getty Images
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Report finds retirees feeling stretched financially

by Samantha Fields
Nov 14, 2024
The study from the Employee Benefit Research Institute finds many retirees worried they are spending more than they can afford.
Debt is one reason retirees are feeling worse economically: Two years ago, 40% of retirees had outstanding credit card debt. Today, it’s 70%.
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Household debt is up, but Americans are in a better spot to pay it

by Elizabeth Trovall
Nov 13, 2024
Income has grown an average of 6.2% annually while debts have increased 4%.
Americans have more household debt, but more extra money to pay it.
Mario Tama/Getty Images
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