Credit card debt is at a record high. How worried should we be?
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 20 February 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
American consumers are spending lots — and putting it on plastic. Credit card debt has climbed to a record of $986 billion, according to the New York Fed. Is this a return to pre-pandemic, “normal” spending habits or a worrying sign about the economy? Or both? We’ll also check in on Presidents Day shopping, examine a new carbon capture technology and hear how the climate crisis is threatening Europe’s ski industry.
Transcript
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| 0:18.4 | My name is Shun. I am the Founder of Target Trition. |
| 0:21.6 | Apply in minutes at monzo.com slash business. To apply you must be a sole trader or director |
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| 0:30.1 | It's President's Day for some that means a day off in honor of our democracy. For others, |
| 0:38.1 | maybe some shopping. From American public media, this is Marketplace. |
| 0:43.0 | In Baltimore, I'm Amy Scott in for Ky Rizdal. It's Monday February the 20th. |
| 0:56.5 | Good to have you with us. In the retail economy, President's Day is famous for its discounts. |
| 1:03.2 | And we're coming off a month where consumers bought more of pretty much everything as we |
| 1:08.2 | told you last week in January. Retail sales were up 3% from December and unusual post-holiday |
| 1:15.4 | bump. |
| 1:16.7 | Not every category saw big increases though. Sales of building materials were pretty much |
| 1:21.6 | flat. |
| 1:22.8 | But the recent boom we've been seeing in home improvement spending is expected to slow |
| 1:27.3 | this year amidst a cooler housing market. We'll get more details when a big retailer in |
| 1:32.7 | that category, Home Depot, reports earnings tomorrow. Marketplace's Stephanie Hughes has |
| 1:37.8 | more on the outlook. |
| 1:39.5 | Oscar and Tika Weaver were holding hands as they exited a Home Depot in Baltimore this |
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