Average monthly mortgage payment at near all-time high
High mortgage rates have brought average monthly mortgage payments to near-record highs as Americans deal with economic uncertainty. But there are ways to lower your monthly mortgage payments.
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.
Americans depend on credit cards more than ever: survey
Americans are relying on credit cards and many said they can’t pay off their balances, according to a Quicken survey.
S&P downgrades multiple US banks citing 'tough' lending environment
S&P Global Ratings downgraded five regional U.S. banks by one notch and lowered its outlook for several other lenders, following a similar move by Moody's.
Rural North Carolina hospital 11th forced to shut down, change services this year
A North Carolina hospital has shut down and nearby residents are outraged. This is the eleventh rural hospital to close in 2023.
The US is paying a record amount of interest on its national debt
Total interest on the national debt is poised to become the priciest part of the federal budget, outstripping spending on Medicare and Social Security.
Fitch warns multiple US banks face credit downgrade: report
A Fitch Ratings analyst warned the agency may be forced to downgrade dozens of U.S. banks, including major lenders like JPMorgan Chase and Bank of America.
Credit card debt surpasses $1 trillion for Americans: NY Fed
Credit card debt increased to a record high in the second quarter as total household debt reached $17.06 trillion. And the Fed’s interest rate hikes to lower inflation could impact what consumers pay for credit. But there are multiple ways to pay off high-interest debt.
US voters say credit downgrade 'another straw in the haystack' in a 'downward spiral' economy
Three U.S. voters react to America's credit rating slipping under the Biden administration and warn of a "detrimental" Bidenomics impact "killing" the economy.
American Express reports record spending: ‘We feel really confident’
American Express said on Friday it took in a record $15.1 billion over the second quarter as card members spent more on its credit cards. Its results beat Wall Street estimates.
Loan delinquencies could be early sign of economic trouble: report
Americans saw their credit scores surge during the pandemic, but new data shows many of those same borrowers have started to see their scores slip back to previous lows.
US debt default could send mortgage rates soaring above 8%
The U.S. housing market could tumble into a deep freeze if Congress fails to raise the debt ceiling by June 1 and defaults on its financial obligations.
Venmo launches supervised teen accounts
For the first time, teens between the ages of 13 and 17 years old will be able to have their own Venmo account. However, they will come with various parental controls.
Household debt hit record $17T last quarter as inflation squeezes Americans
New York Federal Reserve data released Monday shows household debt hit a fresh record in the first quarter of 2023 as high inflation squeezes Americans.
Many Americans eye buy now, pay later to gain more financial flexibility: Survey
Nearly half of Americans (46%) said they would also consider BNPL an alternative financing method to credit cards or cash, according to a recent survey.
Jamie Dimon warns US debt default is 'potentially catastrophic,' says JPMorgan has a 'war room'
JPMorgan Chase CEO Jamie Dimon on Thursday urged Congress to raise the debt ceiling, warning a default has "catastrophic" implications for the economy.
First Republic collapse adds to credit crunch woes for Americans
Upheaval within the banking sector has raised the risk of a "credit crunch" in the U.S., which would make lending standards drastically more restrictive.
Americans using buy now, pay later to afford groceries, other necessities
Bankrate.com senior industry analyst Ted Rossman discusses the evolution of "buy now, pay later" and the risks posed to consumers.
What happens when you close a credit card?
The decision to close a credit card can be sparked by streamlined finances or wasted benefits, but there are also some negative factors to be considered.