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Americans have a record amount of credit card debt

Marketplace

Marketplace

News, Business

4.68.5K Ratings

🗓️ 9 June 2023

⏱️ 28 minutes

🧾️ Download transcript

Summary

American consumers have racked up an eye-popping $990 billion in credit card debt, according to Federal Reserve data. That number is climbing alongside interest rates. Why are so many people reaching for plastic right now? We’ll also mull the likelihood of a Fed rate hike skip or pause and learn about the educational hurdles that worsen the nursing shortage.

Transcript

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0:00.0

Big news, one generous marketplace fan, Dr. Joe Rush, out of the great state of Florida,

0:04.4

is offering to match the next $50,000 in donations to Marketplace.

0:09.2

So please give now and double your impact.

0:11.3

Thanks to this remarkable match, go to Marketplace.org slash donate.

0:17.6

Will it be a pause or a skip?

0:20.3

And what's the difference from American public media?

0:23.7

This is Marketplace.

0:30.9

In Baltimore, I'm Amy Scott in for Kai Rizadol.

0:36.9

It's Friday the ninth day of June.

0:39.2

Good to have you with us.

0:41.0

Oh, it's been one of those news days.

0:42.7

I'm just going to say it up front.

0:44.2

The first federal indictment of a former US president is, of course, the big story of the day

0:50.0

with implications for national security and certainly politics.

0:54.2

We are going to turn our attention to the economic story lines of the week.

0:59.0

And one number, 15 months.

1:02.2

That's how long the Fed has been raising interest rates to fight inflation.

1:06.0

But next week, most economists expect a break in that campaign.

1:10.7

And with me to talk about that and a whole lot more,

1:13.6

are Kate Davidson, who heads the Fed team at Bloomberg.

1:17.0

And Jordan Holman with The New York Times.

1:19.1

Hi, you two.

...

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