Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Paying your credit card bill is about to get harder

Published

on

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.

 

Continue Reading

Money

Ferrari’s debut high-performance electric vehicle will be priced above $500,000

Published

on

Ferrari has unveiled details about its inaugural electric car, slated to be priced upwards of $500,000, as first reported by Reuters.

This announcement comes amidst growing global interest and competition in electric vehicles, with Ferrari aiming to blend its iconic design prowess with sustainable technology.

The Italian automaker, renowned for its high-performance sports cars, is expected to maintain its commitment to superior craftsmanship and engineering excellence in its electric offering.

Following the EV announcement, Ferrari also confirmed plans to establish a new manufacturing plant aimed at enhancing production flexibility and significantly reducing car development times.

Mike Costello from Cox Automotive joins to discuss the latest in EVs. #featured #trending

Continue Reading

Money

Nvidia surpasses Microsoft as the most valuable company in the world

Published

on

Nvidia has emerged as the world’s most valuable company, surpassing Microsoft with a market value of over $3.3 trillion.

This shift comes on the heels of Nvidia’s consistent growth in the semiconductor sector and its strategic advancements in artificial intelligence and gaming technologies.

This milestone marks a significant validation of Nvidia’s aggressive expansion and innovation strategies under CEO Jensen Huang, who has steered the company towards dominance in high-performance computing.

Continue Reading

Money

Finance expert empowers his social audience with accessible wealth tips

Published

on

The right strategy can change the game for your financial freedom. Meet the advisor making his tips accessible to all.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by James Wrigley, Financial Advisor at First Financial. #wyld money #trending

Continue Reading

Trending Now