New economic data showed that inflation in the U.S. continued to slow down in 2024 which could set the stage for a long-awaited interest rate cut by the Federal Reserve. The consumer price index rose 3% year over year in June. Editor-in-Chief at Investopedia Caleb Silver breaks down the latest on inflation.
People are struggling to pay off their credit card debt even as many trim their spending. The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012.
“The fact that we see more people carrying balances for a longer period of time, and now more people falling behind, is evidence of the struggle that millions of households are engaged in just trying to make ends meet,” said Greg McBride, chief financial analyst at the personal finance company Bankrate. Faced with steep rates and rising debt burdens, some consumers are thinking twice about extending themselves further.
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