WalletHub's founder and CEO said Tuesday that he's not seeing anything positive about Americans' credit card debt in his company's latest report.
WalletHub Founder and CEO Odysseas Papadimitriou said Tuesday that he's not seeing anything positive about Americans' credit card debt in hisHigh debt levels, high interest rates and economic uncertainty at the least have the power to create “significant headwinds” for American households. At worst, they can be “catastrophic,” he said.That’s up 7% compared to a year ago and further into record territory.around 23%, that “makes the debt feel much heavier.
“I think the worst news is that whatever encouraging signs we saw in the beginning of the year, I think it's safe to say that they have, they seem to have evaporated,” Papadimitriou said.report on household debt And Money Management International, one of the country's largest nonprofit credit counseling organizations, recently said they’re seeing. There’s been a nearly 200% increase in young adults seeking MMI’s services since 2019.
Wallethub Papadimitriou Interest Rates Economic Uncertainty Inflation Paydowns Federal Reserve
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