Americans’ debt is growing — but so are incomes
1 month, 1 week ago

Americans’ debt is growing — but so are incomes

CNN  

CNN — Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. US household debt moved up to a fresh record total of $17.94 trillion as of September 30, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit. However, by and large, most households have been able to handle that rising debt: Their after-tax income has grown even more, according to the New York Fed. Delinquencies were still on the rise, although showing some moderation, which New York Fed researchers described as “cautiously positive news.” “Still, elevated delinquency rates reveal stress for many households, even amid some moderation in delinquency trends this quarter,” Donghoon Lee, economic research adviser at the New York Fed, said in a statement.

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History of this topic

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems
10 months, 2 weeks ago

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems

Daily Mail  

The billionaire investor said while the economy appears strong, it is on 'steroids' Legendary hedge fund manager Paul Tudor Jones has said that a 'debt bomb' is on the verge of exploding in the US - due to 'unsustainable' government borrowing. The billionaire investor said that the economy appears strong - but under the surface it is actually on 'steroids' …

Americans have record-high credit card debts totalling $1.05 trillion amid historic inflation
10 months, 2 weeks ago

Americans have record-high credit card debts totalling $1.05 trillion amid historic inflation

Hindustan Times  

Americans started 2024 on a hopeful note, but it seems a chunk of spending landed on credit cards. The average balance per cardholder hit a record high, reaching $6,360, contributing to a total credit card balance of $1.05 trillion in the fourth quarter. According to a report by the Federal Reserve Bank of New York, credit card debt in the …

Many Americans say their household expenses are outpacing earnings this year, AP-NORC poll shows
1 year, 1 month ago

Many Americans say their household expenses are outpacing earnings this year, AP-NORC poll shows

Associated Press  

NEW YORK — About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. “The economy is good on paper, but I’m not doing great.” About 8 …

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes
1 year, 1 month ago

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes

LA Times  

Shoppers look over blankets on sale in a Costco warehouse in Sheridan, Colo. The Commerce Department on Thursday said the economy expanded last quarter at the fastest pace in nearly two years. The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession …

Global debt surges to record $307 trillion amid borrowing binge
1 year, 3 months ago

Global debt surges to record $307 trillion amid borrowing binge

The Telegraph  

Global debt has surged to a fresh record of $307 trillion as governments and financial services companies fuel a jump in borrowing. Borrowers added $10 trillion to the debt mountain in the first half of 2023, according to the Institute of International Finance. It comes as US government debt hit a record $33 trillion this month amid heavy borrowing and …

Americans’ credit card debt hits a record $1 trillion
1 year, 4 months ago

Americans’ credit card debt hits a record $1 trillion

CNN  

Minneapolis CNN — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to …

US public debt is projected to reach 181% of American economic activity in 30 years
1 year, 5 months ago

US public debt is projected to reach 181% of American economic activity in 30 years

Associated Press  

WASHINGTON — The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers: ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of …

US starts fiscal year with record $31 trillion in debt
2 years, 2 months ago

US starts fiscal year with record $31 trillion in debt

Associated Press  

WASHINGTON — The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America’s daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising …

Plastic fantastic: Americans are racking up credit card debt
2 years, 10 months ago

Plastic fantastic: Americans are racking up credit card debt

Al Jazeera  

United States credit-card balances increased every quarter in 2021, with the fourth-quarter gain the largest in figures dating back 22 years, data shows. Credit-card balances increased every quarter in 2021 to end the year at $856 billion, the Federal Reserve Bank of New York said Tuesday. New mortgages reached a historic high last year and auto loans soared, reflecting steep …

In a first, America's national debt crosses $30 trillion. Here's why it matters
2 years, 10 months ago

In a first, America's national debt crosses $30 trillion. Here's why it matters

Hindustan Times  

In a new milestone, America's national debt has reached a record high of over $30 trillion, according to data published on Tuesday by the treasury department under the US government. Financial experts cited by American media outlets like CNN and Axios remain divided over “how much debt is too much” and regarding how big of a problem this really is …

US debt projected to balloon to more than double GDP by 2051
3 years, 9 months ago

US debt projected to balloon to more than double GDP by 2051

Al Jazeera  

The non-partisan Congressional Budget Office warned that by 2051, the United States’ debt will skyrocket to 202 percent of its gross domestic product, up from 102 percent this year. The U.S. federal debt will grow to more than double the size of the economy in three decades, increasing the risk of a fiscal crisis even though dangers appear low in …

US debt hasn’t been this high since World War II. That’s ok…for now
4 years, 2 months ago

US debt hasn’t been this high since World War II. That’s ok…for now

CNN  

The amount of money that the United States owes investors has hit record levels in more than a few ways, based on newnumbers reported Friday by the US Treasury. Both the annual deficit and total debt accumulated over the years has topped levels not seen since World War II. Having topped $21 trillion, the country’s total debt owed to investors …

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