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Household Budgets

All articles tagged with #household budgets

personal-finance2 years ago

"Persistent Holiday Debt Lingers for 25% of Americans in 2022"

A quarter of Americans are still carrying holiday debt from 2022, with credit card balances rising to $1.08 trillion in the third quarter of this year. Experts warn that elevated interest rates could extend the time it takes to pay off debt, with it potentially taking 40 months to pay off a $1,000 credit card bill. As Americans continue to grapple with inflation's impact on household budgets, almost a fifth of Americans plan to apply for a new credit card to help pay for holiday shopping this year. Experts advise paying off credit card balances in full to avoid interest and utilizing credit card rewards programs, but caution against taking on more debt just for rewards.

via Daily Mail|
#black-friday#credit-card-balances#holiday-debt
economy2 years ago

"Majority of Americans Struggle with Paycheck-to-Paycheck Living Amidst Wage Stagnation and Inflation"

Despite signs of cooling inflation, 60% of Americans are still living paycheck to paycheck, with real average hourly earnings declining and households struggling to make ends meet. Rising prices for housing, food, and child-care, along with higher interest rates on credit card debt and auto loans, are putting pressure on budgets. Lower-income workers have been hit the hardest, with 76% of those earning less than $50,000 a year living paycheck to paycheck. Financial stress is affecting 70% of Americans.

via CNBC|
#economy#financial-challenges#household-budgets
economy2 years ago

Economy's Resilience Tested by Government Shutdown and Strikes

The prospect of a government shutdown in the United States poses a new threat to the already strained American economy. With rising gas prices, imminent student loan payments, and depleting pandemic savings, economists warn that a combination of disruptions, including an ongoing autoworkers' strike, rising borrowing costs, and a drop-off in child-care funding, could strain family budgets and slow down economic growth. The shutdown alone could cost the U.S. economy $6 billion per week, while the autoworkers' strike has already resulted in significant economic losses. The triple whammy of student loans, shutdown, and strikes could potentially shave off more than 1 percent of annualized economic growth in the fourth quarter.

via The Washington Post|
#economic-growth#economy#government-shutdown
economy2 years ago

Back-to-school spending to decline 10% due to inflation, says report

Back-to-school spending is expected to decrease by 10% this year due to inflation, with parents projected to spend $597 per student, according to a forecast from Deloitte. Clothing spending is expected to fall by 14% and technology-related purchases by 13%, while school supplies purchases are expected to increase by 20%. Reduced disposable income and increased prices were cited as the main reasons for spending less or more, respectively. Discount, online, and dollar stores are expected to be popular among deal seekers, and more families plan to pay with cash or debit cards rather than credit cards.

via CNN|
#back-to-school-spending#consumer-spending#economy
economy2 years ago

UK Mortgage Rates and Inflation: What's Next for Borrowers?

UK inflation remained at 8.7% in May, the same rate as April, due to rising prices for flights and second-hand cars. The Bank of England is expected to raise interest rates by 0.25% to 4.75% on Thursday, but some suggest they could rise to 5%. The Bank has been raising interest rates since the end of 2021 to curb inflation, which is four times higher than the target rate of 2%. However, rising interest rates have led to concerns over loans, particularly mortgages, with homeowners facing large increases in repayments.

via BBC|
#bank-of-england#economy#household-budgets