Credit card in the U.S. debt just soared to a new record. Here's what it means.
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U.S. households are carrying a record amount of credit card debt, according to a new Federal Reserve Bank of New York report released Tuesday. The bank said the data indicates financial distress is on the rise, particularly among younger and lower-income Americans.
Total household debt grew by $212 billion, rising to $17.5 trillion in the fourth quarter of 2023, the Fed's quarterly report on household debt and credit shows.
Credit card balances rose by $50 billion to hit a record $1.13 trillion. Inflation and higher interest rates are contributing to rising credit card debt, resulting in more Americans struggling to pay down their credit card balances, according to Bankrate's senior industry analyst Ted Rossman.
Researchers at Oregon State University have collected new data about an elusive forest carnivore "renowned for its cuteness" that was nearly driven to extinction in the 20th cetury. In:
Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.
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Paying for health care has become Americans' top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds. Edited by Aimee Picchi In:
Immigration may have been a political liability for Democrats in 2024. But two years later, it's shaping up to be a top issue they're relying on to galvanize support and mobilize their base.
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Washington — Senate Homeland Security Committee Democrats are calling on Secretary Kristi Noem to testify before the panel "without delay," following the fatal shootings of two U.S. citizens by federal immigration agents in Minneapolis this month.
Washington — Democrats on Capitol Hill are raising concerns with the FBI's search of an elections office in Fulton County, Georgia, and warning that the operation is an example of President Trump using federal law enforcement to intimidate voters and undermine democracy.
Washington — The Senate is set to take a procedural vote Thursday morning on a package to fund the remaining government agencies and programs, with less than two days to avoid a partial government shutdown. But Democrats say they won't allow the package to move forward without reforms to immigration enforcement. Caitlin Huey-Burns contributed to this report.
Hyundai Motor America is recalling nearly 569,000 Palisade SUVs due to an issue with the vehicles' third-row air bags that could prevent them from deploying properly during a crash. Edited by Alain Sherter In:
Dow on Thursday said it is planning to cut approximately 4,500 jobs as the chemicals maker shifts its emphasis toward artificial intelligence and automation. In:
Employees in women-dominated occupations are deeply vulnerable to the potentially transformative impact of artificial intelligence on the American workforce, according to researchers. Edited by Alain Sherter In: