During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to the New York Fed’s latest Quarterly Report on Household Debt and Credit. Rising credit card debt and auto loan balances helped to drive overall household debt levels up 1%, to $17.06 trillion for the quarter, the report showed. Overall household debt has spiked by $2.9 trillion since the end of 2019, before the pandemic.
“There’s plenty of data that shows people are doing really well, their debt compared to their expendable income is OK, delinquencies are low and unemployment is low,” Schulz said. “But there’s also only so much hard debt that people can handle before delinquencies really spike.” New delinquencies continue to climb from recent historic lows, according to the latest New York Fed report.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork says it has 'substantial doubt' about its ability to stay in business | CNN Business“Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release.
Source: CNN - 🏆 4. / 95 Read more »
Under Biden, US oil production is poised to break Trump-era records | CNN BusinessCritics accuse President Joe Biden of waging a war on the oil industry that is hurting consumers at the gas pump. And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration.
Source: CNN - 🏆 4. / 95 Read more »
How we're buying perfume could signal how we're feeling about the economy | CNN BusinessDemand for more budget-friendly roll-on rollerball perfumes is up 207% so far this year over last year, followed by a 183% jump in cheaper perfume samplers, according to Pattern, an ecommerce platform that analyzes online product search data
Source: CNN - 🏆 4. / 95 Read more »
Even 'Barbie' may not be able to rescue AMC Theaters | CNN BusinessBarbie has already pulled in over a billion dollars. That still may not be enough to save AMC Theaters, which has a looming bill it may not be able to pay back.
Source: CNN - 🏆 4. / 95 Read more »