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[quote=Anonymous][quote=Anonymous][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]

Did you miss the part about how the resumption of college loan payments is a likely culprit?

Biden did his damnedest to help there, but who blocked him?[/quote]

With car repossessions and home foreclosures rising, some Americans are living on a financial cliff

A growing number of Americans have found themselves strapped for cash and looking for financial relief as the U.S. economy slows down.

A 57-year-old single mother living in East Hartford, Connecticut, LeSage needs to drive herself to medical appointments for injuries on her legs and to pick up her teenage daughter, who often suffers from seizures, from school.

"I have to go pick her up,” LeSage says. Without the vehicle, she adds, "I wouldn’t be able to do that.”

But last year, LeSage was told her car was at risk of repossession after she fell behind on the payments.

“For me, every penny counts and just to lose a couple of cents on gas is devastating sometimes,” LeSage says.

LeSage is among a growing number of Americans who have found themselves confronting financial hardship as the U.S. economy has slowed. On Thursday, the U.S. Bureau of Economic Analysis reported gross domestic product fell to 1.1% in the first quarter, the lowest reading in nine months. The GDP is the value of the final goods and services produced in the country and a strong indicator of how healthy the U.S. economy.

The slowdown is starting to show up in Americans' personal finances. According to a recent survey from Bankrate, 49% of U.S. adults have less savings compared to a year ago. Ten percent of those surveyed said they have no savings at all.

The upshot: The most disastrous outcomes for U.S. households, like auto repossessions and home foreclosures, have begun to climb.

https://www.nbcnews.com/news/amp/rcna80638

Soft landing.

[/quote]

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