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American consumers continue to rack up debt

Oct 7, 2024
Consumer credit overall increased, while revolving debt — that’s mostly on credit cards — was down 1.2%, according to the Federal Reserve.
High interest rates on credit cards have barely budged, despite the Fed's highly anticipated rate cut last month.
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Buy now, pay later debt grows but is hidden from credit bureaus

May 13, 2024
Adobe Analytics projects that buy now, pay later loans could drive as much as $84 billion in spending in 2024. But the debt shoppers are racking up is basically hidden from credit bureaus, lenders and economists.
Consumers are increasingly opting for buy now, pay later options. And that debt is basically invisible to credit bureaus and lenders.
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Consumer debt is becoming more of a burden

Feb 7, 2023
Consumer debt levels have been rising. While wage gains have helped people pay off debt, those gains have been slowing down.
The Fed's consumer credit report, due out today, will show whether people are continuing to take on more and more debt.
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Consumer credit is up almost 7% since this time last year

Dec 8, 2022
Credit card balances alone were up 15% in the third quarter. Higher prices for necessities and higher interest rates are contributing factors.
Credit card balances alone were up 15% in the third quarter.
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Partisan gerrymandering can reduce access to credit, study finds

Sep 20, 2022
Lawmakers from politically drawn districts feel less pressure to cater to voters and exert less pressure on lenders, a researcher says.
Rawley Heimer, a professor of finance at Arizona State, says lawmakers from politically drawn  districts tend to be less sensitive to voters' needs and put less pressure on lenders.
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Consumers are gravitating back to plastic for spending splurges

Jul 8, 2021
The Federal Reserve said total consumer credit rose by 10% in May. And lenders issued roughly 6 million new credit cards in March, according to Equifax.
As the economy reopens, American consumers are falling back in love with plastic.
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As consumers get out more, they may also reach for credit cards

Jul 8, 2021
Outstanding credit card balances have been down, but people may start racking up the debt again.
People are going out more and making bigger purchases, and with credit card interest rates still high, balances might shoot back up.
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People are finding it easier to borrow right now

Jun 15, 2021
That doesn't necessarily mean they're taking out more loans, but borrowing could pick up in some categories, such as auto loans.
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Consumers are still confident in the economy, if their borrowing is any indication

Feb 8, 2019
A turbulent stock market, rising interest rates and the government shutdown didn’t do much to curb borrowing. Americans continued putting more money on their credit cards and taking out more loans for school and autos in December. Consumer credit grew 5 percent, up $17 billion, according to the latest monthly report from the Federal Reserve. […]
People have been spending more on their credit cards, and some are using buy-now, pay-later services, says Andrew Davidson with Comperemedia.
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Why consumer credit is a matter of "social trust"

Jul 25, 2017
The modern credit economy mostly works, author Josh Lauer says.
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