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[quote=Anonymous][quote=Anonymous]It is not surprising that people are saving less given that credit card debt is at record highs.

In order to make ends meet, people tap savings first, then turn to credit cards.

[quote]"More people are carrying more credit card debt for longer periods of time. We're talking record high balances, record high interest rates,” Ted Rossman, a Bankrate senior industry analyst, said. “It's a tough combination, unfortunately."

A report released Tuesday by the Federal Reserve Bank of New York said credit card balances rose to a new high of $1.3 trillion in the final three months of 2023.

And credit card and auto loan delinquencies pushed past pre-pandemic levels, to their highest levels in more than a decade.[/quote]

https://www.wdsu.com/article/credit-card-debt-squeezing-consumers/46675280#:~:text=combination%2C%20unfortunately.%22-,A%20report%20released%20Tuesday%20by%20the%20Federal%20Reserve%20Bank%20of,in%20more%20than%20a%20decade.[/quote]

And Auto Repos are at record high as well.[/quote]

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