WHY NOW IS A CRUCIAL TIME TO PAY OFF CREDIT CARD DEBT
AppleMagazine|February 09, 2024
For Americans who lacked savings prior to the pandemic, financial stress is rising. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say.
WHY NOW IS A CRUCIAL TIME TO PAY OFF CREDIT CARD DEBT

In the fourth quarter of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, a 1.2% rise, according to the latest data from the New York Federal Reserve.

Delinquencies are also on the rise. As of December, 3.1% of outstanding debt was in some stage of delinquency, up by 0.1 percentage point from the third quarter. The New York Fed’s report found that 6.4% of credit card debt was delinquent by 90 days or more, up from 4% in the last quarter of 2022.

“Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. “This signals increased financial stress, especially among younger and lower-income households.”

The average interest rate on a given credit card is now roughly 21.5%, the highest it’s been since the Federal Reserve started tracking rates in 1994.

Silvio Tavares, president and CEO of VantageScore, one of the country’s two major credit scoring systems, said, “the reality is that there are starting to be some significant signs of stress,” despite consumers generally being in good financial health.

If you’re facing increased credit card debt, while feeling the ongoing effects of inflation, here’s what to consider:

ASK FOR A RATE CUT

この蚘事は AppleMagazine の February 09, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は AppleMagazine の February 09, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

APPLEMAGAZINEのその他の蚘事すべお衚瀺
BIG OFFSHORE WIND PROJECT PROPOSED FOR NEW YORK AS OTHER SITES ARE EVALUATED IN 3 STATES
AppleMagazine

BIG OFFSHORE WIND PROJECT PROPOSED FOR NEW YORK AS OTHER SITES ARE EVALUATED IN 3 STATES

Offshore wind energy projects in New York, New Jersey and Maryland are moving forward, as federal regulators examine the proposals and opponents escalate their legal challenges to the work.

time-read
2 分  |
October 25, 2024
HONG KONG BARS SERVICES LIKE WHATSAPP AND GOOGLE DRIVE FROM GOVERNMENT COMPUTERS
AppleMagazine

HONG KONG BARS SERVICES LIKE WHATSAPP AND GOOGLE DRIVE FROM GOVERNMENT COMPUTERS

The Hong Kong government is barring most civil servants from using popular apps like WhatsApp, WeChat and Google Drive on their work computers due to potential security risks.

time-read
1 min  |
October 25, 2024
KUWAIT BANS 'CALL OF DUTY: BLACK OPS 6' VIDEO GAME LIKELY OVER IT FEATURING SADDAM HUSSEIN IN 1990S
AppleMagazine

KUWAIT BANS 'CALL OF DUTY: BLACK OPS 6' VIDEO GAME LIKELY OVER IT FEATURING SADDAM HUSSEIN IN 1990S

The tiny Mideast nation of Kuwait has banned the release of the video game “Call of Duty: Black Ops 6,” which features the late Iraqi dictator Saddam Hussein and is set in part in the 1990s Gulf War.

time-read
1 min  |
October 25, 2024
JUDGE DELAYS ORDER IN ANTITRUST CASE REQUIRING GOOGLE TO OPEN UP ITS APP STORE
AppleMagazine

JUDGE DELAYS ORDER IN ANTITRUST CASE REQUIRING GOOGLE TO OPEN UP ITS APP STORE

A federal judge delayed an order requiring Google to open up its Android app store to more competition until an appeals court decides whether to block the shake-up because of legal questions surrounding a jury’s verdict that branded Google as an illegal monopolist.

time-read
2 分  |
October 25, 2024
LOCAL NEWS SOURCES ARE STILL DRYING UP, BUT THERE'S GROWTH IN DIGITAL SITES IN METRO AREAS
AppleMagazine

LOCAL NEWS SOURCES ARE STILL DRYING UP, BUT THERE'S GROWTH IN DIGITAL SITES IN METRO AREAS

Newspapers in the United States closed at the rate of more than two per week during 2023, but a burst of activity among digital entrepreneurs illustrated some tiny shoots of growth in what has become a desert-like climate for local news.

time-read
2 分  |
October 25, 2024
NETFLIX'S SUBSCRIBER GROWTH IS SLOWING, BUT ITS PROFIT AND STOCK PRICE ARE STILL SURGING
AppleMagazine

NETFLIX'S SUBSCRIBER GROWTH IS SLOWING, BUT ITS PROFIT AND STOCK PRICE ARE STILL SURGING

Netflix reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

time-read
2 分  |
October 25, 2024
US FINES AMERICAN AIRLINES $50 MILLION OVER MISHANDLING OF DISABLED PASSENGERS AND WHEELCHAIRS
AppleMagazine

US FINES AMERICAN AIRLINES $50 MILLION OVER MISHANDLING OF DISABLED PASSENGERS AND WHEELCHAIRS

The U.S. government fined American Airlines $50 million for failing to provide wheelchair assistance to passengers with disabilities and damaging thousands of wheelchairs over a five-year period.

time-read
2 分  |
October 25, 2024
PELOTON PLANS TO SELL ITS DELUXE STATIONARY BIKE AT COSTCO TO REACH HOLIDAY SHOPPERS
AppleMagazine

PELOTON PLANS TO SELL ITS DELUXE STATIONARY BIKE AT COSTCO TO REACH HOLIDAY SHOPPERS

Peloton plans to sell its deluxe stationary bike at Costco this holiday season as the struggling connected-exercise company seeks to broaden its customer base.

time-read
2 分  |
October 25, 2024
CARBON REMOVAL INDUSTRY CALLS ON U.S.GOVERNMENT FOR REGULATION IN NEW INDUSTRY REPORT
AppleMagazine

CARBON REMOVAL INDUSTRY CALLS ON U.S.GOVERNMENT FOR REGULATION IN NEW INDUSTRY REPORT

The unregulated carbon dioxide removal industry is calling on the U.S. government to implement standards and regulations to boost transparency and confidence in the sector that’s been flooded with billions of dollars in federal funding and private investment.

time-read
3 分  |
October 25, 2024
GOFUNDME BETS SOCIAL MEDIA CAN UNLOCK GEN Z GIVING.A META PARTNERSHIP AND NEW TOOLS WILL TEST THAT
AppleMagazine

GOFUNDME BETS SOCIAL MEDIA CAN UNLOCK GEN Z GIVING.A META PARTNERSHIP AND NEW TOOLS WILL TEST THAT

New GoFundMe tools will make it easier to circulate causes across online platforms in a push to cater toward younger generations.

time-read
3 分  |
October 25, 2024