Credit & Debit

Credit card debt set to hit a fresh record

New York Federal Reserve data released on Tuesday morning is expected to show that American households are carrying a record amount of credit card debt.

Household income drops amid high inflation

The typical American’s income dropped for the third straight year amid record-high inflation. But you can still pay down high-interest debt quickly.

Consumer credit increased by nearly $5 trillion

Consumer credit balances including credit cards reached trillions of dollars in Q2 2023 as Americans turn to credit cards to deal with high inflation and meet other needs. But there are many ways to pay off debt quickly.

GDP growth for Q2 dips on second estimate

Gross domestic product (GDP) increased in Q2 2023 and signs of a strong economy could push the Fed to raise interest rates again. This could have a major impact on consumer debt.

Fed governor warns more interest rate hikes may be coming

Fed Governor Michelle Bowman said additional interest rates may be needed to lower inflation to a preferred target range. But inflation has slowed in recent months, even as Americans dealt with record-high credit card debt.