1100: Americans Are Being Crushed by Credit Card Debt - Episode 1100

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Clayton Morris

How To, News, Education, Business News, Business, Investing

4.4 • 1.1K Ratings

🗓️ 31 October 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

There’s a huge problem impacting our economy and we need to talk about it – Americans are absolutely drowning in credit card debt. In the fourth quarter of 2023, Americans’ total credit card balances increased by $50 billion, reaching a total of $1.129 trillion, according to data from the Federal Reserve Bank of New York. In fact, consumer debt is at its highest balance since the New York Fed began tracking data in the 1990s.

On today's show, we're going to dive in what's going on with the state of credit card debt in the US. We're going to talk about delinquencies, interest rates, and much more. If you want to know more about consumer debt and how it's impacting the daily lives of Americans, tune in to this episode!

Transcript

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0:00.0	This message comes from Better Help.
0:02.4	Can you think of a time when you didn't feel like you could be yourself?
0:05.8	Like you were hiding behind a mask?
0:08.0	Better Help online therapy is convenient, flexible,
0:11.2	and can help you learn to be your authentic self, so you can stop hiding.
0:15.4	Because masks should be for Halloween fun, not for your emotions.
0:19.5	Take off the mask with better help.
0:21.9	Visit better help.com today to get 10% off your first month.
0:26.0	That's Better Help, H-E-L-P.com.
0:30.0	This message comes from Better Help.
0:32.0	Can you think of a time when you didn't feel like you could be yourself,
0:35.9	like you were hiding behind a mask?
0:37.9	Better Help online therapy is convenient, flexible
0:41.1	and can help you learn to be your authentic self, so you can stop hiding.
0:46.3	Because masks should be for Halloween fun, not for your emotions.
0:50.6	Take off the mask with better help. Visit better help.com today to get 10% off your first month.
0:57.0	That's Better Help, H-E-L-P.com. Americans are being crushed by credit card debt right now.
1:09.0	Credit card delinquencies have now doubled.
1:11.6	Have you heard the latest data on credit card delinquencies in the United States?
1:14.8	If you know anything about Americans and credit card debt, I'm sure you can guess. It is not looking good right now.
1:20.8	Now according to new data from the Federal Reserve Bank of New York
1:23.8	credit card delinquencies reached 8.5% in the fourth quarter of 2023. That's
	...

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