By Elizabeth Gravier, CNBC Consumers of all ages carry credit cards, but some generations have larger outstanding balances than others. Members of Generation X have the highest average credit card debt at $7,155, followed by baby boomers and millennials, according to credit bureau Experian’s latest consumer findings. With an average
By Jacob Passy, MarketWatch For much of the past year, Americans weren’t interested in taking on new debt — with one big exception. A new analysis from the Federal Reserve Bank of New York examined how the supply and demand of credit has ebbed and flowed throughout the COVID-19 recession.
By Steve Goldstein, Market Watch Global debt reaches $281 trillion Governments and countries accumulated more debt during the COVID-19 pandemic than they did during the 2008-09 financial crisis, a leading trade group said on Wednesday. The Institute of International Finance said global debt-to-GDP surged by 35 percentage points to over
By Jeff Stein, Washington Post America’s federal debt is set to exceed the size of the entire U.S. economy this year for only the second time since the end of World War II, a reflection of the extraordinary emergency measures approved by Congress in response to the coronavirus pandemic, the
By Liz Capo McCormick, Craig Torres, Mathieu Benhamou, and Demetrios Pogkas, Bloomberg In the battle against Covid-19, governments around the globe are on the cusp of becoming more indebted than at any point in modern history, surpassing even World War II. From Germany to Japan, Canada to China, fiscal authorities
By Chris Farrell, Market Watch For many older Americans, everyday life is becoming increasingly precarious financially. A major reason: Too much debt. The numbers are striking. The share of families headed by people 55 and older with debt is up from 54% in 1998 to 68% in 2019, according to
By Carmen Reinicke, CNBC Millions of Americans got an early Christmas present this year – on Friday, the U.S. Department of Education extended the coronavirus pandemic-induced pause on student loan payments through January 2021. Accruing interest will also be on hold and the department will not resume collections on defaulted
By Anneken Tappe, CNN Business New York (CNN Business) – Low interest rates have helped fuel a boom in the US housing market: Last quarter Americans’ mortgage debt climbed to a record high of nearly $10 trillion, the Federal Reserve Bank of New York reported Tuesday. Homebuyers are leveraging the near-constant new lows
If you are starting to dread checking your email or picking up your mail, it might be that you simply have too much debt. After all, it is easy to overspend, particularly if you have more than one credit card. If you are searching for ways to get rid of
By Paul Kiel and Jeff Ernsthausen, ProPublica Earlier this year, the pandemic swept across the country, killing 100,000 Americans by the spring, shuttering businesses and schools, and forcing people into their homes. It was a great time to be a debt collector. In August, Encore Capital, the largest debt buyer
