Money

Paying your credit card bill is about to get harder

Published

2 years ago

September 5, 2023

Inflation in the United States is posing severe financial challenges for Americans, resulting in a surge in defaults on credit cards and auto loans.

The relentless rise in inflation is taking a toll on Americans, particularly those with lower and middle incomes. Despite the Federal Reserve’s efforts to combat inflation, essential expenses such as rent, groceries, and the cost of both new and used cars continue to soar.

Credit agency Equifax reports that credit card delinquencies have surged to 3.8%, with a default rate of 3.6% on auto loans. These figures mark the highest levels witnessed in over ten years.

Many individuals, having exhausted their savings from government stimulus checks issued during the pandemic, are resorting to opening new lines of credit. This trend persists despite the fact that the average interest rate on credit cards has reached an unprecedented 20.6%, according to Bankrate.com.

$1 trillion debt

Since the pre-pandemic year of 2019, the number of open credit card accounts has surged by a staggering 70 million. This surge in borrowing has pushed the total credit card debt in the nation past the historic milestone of $1 trillion.

The Federal Reserve is contemplating raising interest rates to combat inflation, aiming to bring it down from its current level of 3.5% to the target rate of 2%. If these hikes occur, it could lead to even higher interest rates on credit cards, exacerbating borrowers’ financial difficulties.

As the moratorium on student loans, in place for more than three years, comes to an end, individuals already grappling with high rent and grocery costs will face the added burden of student loan payments starting next month.

While the Federal Reserve views these challenges as a rationale for raising interest rates to limit consumer spending, there are apprehensions that consumers may accumulate more debt during the holiday season, further compounding their financial woes.

Retail giants like Macy’s and Kohl’s have reported an uptick in delinquency rates among customers who hold private label store cards, underscoring the financial stress experienced by consumers.

Money

Australia’s inflation hits 3.8%: Budget decisions under pressure

Australia’s inflation hits 3.8%, raising concerns for households; Dr. Enticott discusses implications for everyday Australians and economic planning.

Published

16 hours ago

February 3, 2026

Harvey Vargas

Australia’s inflation hits 3.8%, raising concerns for households; Dr. Enticott discusses implications for everyday Australians and economic planning.

Australia’s inflation has surged to 3.8%, sparking concern for households and businesses. Experts warn that rising prices could threaten financial stability if the government does not act in the upcoming budget.

Dr Steven Enticott from CIA Tax joins Ticker to break down what this inflation spike means for everyday Australians. He also explains why inflation above the Reserve Bank’s target band is particularly significant and how it affects economic planning.

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#AustraliaInflation #EconomicUpdate #Budget2026 #RBA #FinancialNews #BusinessImpact #HouseholdCosts #TickerNews

Money

Wall Street gains momentum amid tech and earnings surge

U.S. stocks rose Monday, driven by Oracle gains, as investors overlooked recent silver and bitcoin losses ahead of earnings week.

Published

19 hours ago

February 3, 2026

Harvey Vargas

U.S. stocks rose Monday, driven by Oracle gains, as investors overlooked recent silver and bitcoin losses ahead of earnings week.

U.S. equities climbed on Monday as Wall Street kicked off a new month of trading. Investors looked past recent losses in silver and bitcoin, with optimism returning to major indices. The S&P 500 rose 0.7%, led by gains in Oracle shares following the company’s announcement to raise up to £50 billion for cloud capacity.

The Dow Jones Industrial Average surged 501 points, while the Nasdaq Composite increased 0.9%. Analysts note that the broader market is showing resilience despite mixed signals from tech and commodities.

More than 100 S&P 500 companies are expected to report earnings this week. Strong growth is predicted, even as some high-profile sell-offs continue to make headlines.

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Money

U.S. dollar weakens while Australian dollar rises amid global market shifts

Published

5 days ago

January 30, 2026

Harvey Vargas

US dollar weakens as Trump comments; Australian dollar gains from commodity prices and RBA rate hike expectations

The US dollar is coming under pressure as the economy remains strong and President Trump comments on its decline. We explore how this is impacting major currencies around the world and what it means for investors.

Meanwhile, the Australian dollar is benefiting from rising commodity prices and growing expectations of an RBA rate hike. Global investors are increasingly drawn to Australia’s bond market as economic conditions shift.

Currency trading strategies are adapting to this changing landscape, with potential implications for interest rates and international markets. Steve Gopalan from SkandaFX breaks down the trends.

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#USDDollar #AustralianDollar #ForexTrading #RBA #InterestRates #GlobalEconomy #CurrencyMarket #Ticker