A new report from Bankrate reveals that car insurance premiums in the US have surged by 26% in 2024, reaching an average of $2,543 annually. This increase means that Americans now spend around 3.41% of their income on car insurance on average. Factors such as population density, driving habits, extreme weather, driving history, vehicle type, and credit history all contribute to the rising costs. Detroit has the highest net average cost of car insurance, while drivers in Seattle spend the lowest percentage of income on car insurance.
A Bankrate report reveals that nearly half of credit card holders in the US are carrying debt from month to month, with over half of them having done so for over a year. The report also highlights that 10% of those with credit card debt do not believe they will ever be able to pay it off, while 25% expect it to take at least five years. The surge in credit card debt comes amid record-high interest rates, with the average APR hitting 20.72%. This trend is attributed to the need to cover emergency expenses and day-to-day costs, exacerbated by the current high inflation, which is disproportionately affecting low-income Americans.
A new Bankrate report reveals that almost 70% of parents with children aged 18 or older have sacrificed their own finances, including draining their retirement funds, to financially support their adult children. This includes paying down debt and saving for emergencies.
