Credit Card Debt On the Rise Amid High Inflation & Interest Rates
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Credit Card Debt On the Rise Amid High Inflation & Interest Rates
Credit Card Debt , On the Rise Amid , High Inflation & Interest Rates.
NBC reports that the combined impact of inflation and
rising interest rates have pushed consumers into $43
billion in credit card debt in the second quarter of 2023.
NBC reports that the combined impact of inflation and
rising interest rates have pushed consumers into $43
billion in credit card debt in the second quarter of 2023.
According to data from WalletHub, U.S. consumers took
on more than triple the average amount of new debt
since after the Great Recession in 2007 and 2008.
The personal finance website's data showed that
total credit card debt and debt per household both
increased by approximately 8% compared to 2022.
At the end of June, the average household's
credit card debt was at $10,170 and on the rise.
.
Comparatively, WalletHub's all-time high debt
reading was at $12,412 for each household.
NBC reports that the Federal Reserve has driven
rates to the highest they've been in over 20 years,
now standing in the range of 5.25% to 5.5%, .
NBC reports that the Federal Reserve has driven
rates to the highest they've been in over 20 years,
now standing in the range of 5.25% to 5.5%, .
Bill Adams, the chief economist at Comerica, says that
many Americans have diminished whatever financial
cushion they were able to amass during the pandemic.
Pandemic-era savings are largely
spent down for most middle-income
and lower-income households, Bill Adams, Chief economist at Comerica, via NBC.
NBC reports that the end of the pause on
federal student loan payments has increased
the financial woes of many borrowers.
The restart of student loan
payments for those higher-income,
young and middle-age professionals
could be a big drag on consumer
spending by that cohort, Bill Adams, Chief economist at Comerica, via NBC
Lisa Kudrow says she's finally rewatching 'Friends' because of Matthew Perry. The actress has previously admitted that she couldn't bring herself to watch reruns of the beloved NBC sitcom, explaining she didn't want to risk not liking her work on the show. But in a recent interview with The Hollywood Reporter to promote her upcoming Apple TV+ series 'Time Bandits,' Kudrow revealed that she's begun to revisit old 'Friends' episodes, in large part to keep the memory of her late co-star Perry alive. Perry died October 28th, 2023, at age 54.
Credit: The Hollywood Reporter Duration: 01:26Published
Travis Kelce , Makes First Onstage Appearance With, Taylor Swift.
On June 23, at the fourth of eight London
Eras Tour shows, Taylor Swift brought her all-star
boyfriend, Travis Kelce, on stage for the first time.
On June 23, at the fourth of eight London
Eras Tour shows, Taylor Swift brought her all-star
boyfriend, Travis Kelce, on stage for the first time.
Kelce appeared on the diamond walkway
at Wembley Stadium for his first-ever
onstage appearance with Swift.
Kelce appeared on the diamond walkway
at Wembley Stadium for his first-ever
onstage appearance with Swift.
Kelce performed alongside Swift for the intro
of 'I Can Do It With a Broken Heart' in the
new 'Tortured Poets' era of the show.
Normally, for the final transition of the show,
Swift is accompanied by two male dancers
who carry her to a heart-shaped couch. .
NBC reports that Kelce appeared in full
costume and showed off both his acting
and dancing skills while on stage.
The upbeat track from Swift's latest album
is reportedly about the wildly successful
Eras Tour and her breakup with
longtime partner Joe Alwyn in 2023. .
The upbeat track from Swift's latest album
is reportedly about the wildly successful
Eras Tour and her breakup with
longtime partner Joe Alwyn in 2023. .
The pair's high-profile relationship
has been going on for almost a year,
beginning with rumors last summer.
In September, the couple went public
with their relationships at a Kansas City
Chiefs game against the Chicago Bears.
According to NBC, Kelce had
already attended a number of
Swift's London Eras shows. .
Earlier this week, Swift posted a picture to Instagram of
her and Kelce with Prince William, Prince George and
Princess Charlotte, who also attended the June 20 show.
Earlier this week, Swift posted a picture to Instagram of
her and Kelce with Prince William, Prince George and
Princess Charlotte, who also attended the June 20 show
Credit: Wibbitz Top Stories Duration: 01:31Published
Supreme Court Rejects , Challenge to Tax Law on, Foreign Investments.
On June 20, the Supreme Court upheld a tax on foreign
corporate investments enacted by a Republican-controlled
Congress under former President Donald Trump.
On June 20, the Supreme Court upheld a tax on foreign
corporate investments enacted by a Republican-controlled
Congress under former President Donald Trump.
NBC reports that the case had attracted scrutiny when
conservative Justice Samuel Alito refused to recuse
himself despite ties with one of the challenging lawyers.
The case revolved around whether an individual can be
forced to pay taxes on investments in foreign-owned
companies regardless of if they were a source of income.
The case revolved around whether an individual can be
forced to pay taxes on investments in foreign-owned
companies regardless of if they were a source of income.
According to the 16th Amendment
of the Constitution, Congress has the
power to "collect taxes on incomes.".
In the case, Charles and Kathleen Moore claim they were
unfairly taxed on their $40,000 investment in an
India-based company called KisanKraft Machine Tools. .
While the company made a profit, the Moores
claim that they received no dividends and that
the money was reinvested in the business.
As a result, the Moores did not pay taxes between
2006 and 2017 on what the U.S. government later
defined as income from their investment. .
Due to a provision that was part of a major tax law
enacted by former President Donald Trump in 2017,
the Moores paid $15,000 in additional taxes.
They later sought a refund for that payment,
arguing that they had been unlawfully taxed
based on an increase in the value of a capital
investment not qualifying as income.
The couple's challenge was rejected
by the Supreme Court 7-2
Credit: Wibbitz Top Stories Duration: 01:30Published
Surgeon General Wants, Social Media to Include , Warning of Mental Health Risks.
On June 17, Surgeon General Vivek Murthy
called on Congress to require social media
platforms to give users a tobacco-style warning. .
On June 17, Surgeon General Vivek Murthy
called on Congress to require social media
platforms to give users a tobacco-style warning. .
NBC reports that Murthy warned that the
mental health crisis among young Americans
has become an urgent problem, citing social
media as "an important contributor.".
NBC reports that Murthy warned that the
mental health crisis among young Americans
has become an urgent problem, citing social
media as "an important contributor.".
According to Murthy, the warning would include
language that alerts users to potential mental health
harms associated with using social media.
A surgeon general’s
warning label, which requires
congressional action, would
regularly remind parents and
adolescents that social media
has not been proved safe, Vivek Murthy, U.S. Surgeon General, via NBC.
Evidence from tobacco labels
shows that surgeon general’s
warnings can increase
awareness and change behavior, Vivek Murthy, U.S. Surgeon General, via NBC.
Murthy reportedly went on to
acknowledge that a warning alone has
limitations and fails to make social media safe.
In an op-ed published in 'The New York Times,'
Murthy linked the amount of time spent using
social media with an increased risk for children
to develop anxiety and depression.
In an op-ed published in 'The New York Times,'
Murthy linked the amount of time spent using
social media with an increased risk for children
to develop anxiety and depression.
According to the American Psychological Association,
teens spend around five hours a day on popular
platforms like Instagram, TikTok and YouTube. .
In his 'NYT' op-ed, Murthy called on all social media
platforms to "proactively enhance and contribute to
the mental health and well-being of our children.".
One 2019 study found that the number of teens with suicidal thoughts increased 47% between 2008 and
2017, a period which also saw social media use soar.
Credit: Wibbitz Top Stories Duration: 01:31Published
Jelly Roll Calls Duet With Eminem , the ‘Coolest Moment’ of His Career to Date.
Jelly Roll performed a surprise duet
with Eminem on NBC's 'Live From Detroit:
The Concert at Michigan Central.'.
Jelly Roll performed a surprise duet
with Eminem on NBC's 'Live From Detroit:
The Concert at Michigan Central.'.
In an interview with 'Entertainment Tonight'
on June 10, the singer shared how elated he was.
When I think about coolest moments
of my career, right now at the top,
there has to be this thing that I got
to go sing with Eminem in Detroit, Jelly Roll, to 'Entertainment Tonight'.
I got to sing ‘Sing for the Moment’
with him, which is a record where
he sampled Steven Tyler. , Jelly Roll, to 'Entertainment Tonight'.
I mean, just what an incredible
night and I got to go do it
in Detroit. It was unreal. , Jelly Roll, to 'Entertainment Tonight'.
Jelly Roll went on to reveal that Eminem was the one who reached out to him to perform. .
Em reached out, his team reached
out and said, ‘Would you be interested
in doing this since he was already
there doing the secret tribute?', Jelly Roll, to 'Entertainment Tonight'.
I couldn’t believe it. I thought it was
a joke until I met Eminem himself …
As soon as I met Eminem, it was like
the coolest moment ever, man, Jelly Roll, to 'Entertainment Tonight'.
I was giddy, like a child.
You could see it all over my
performance. Just the kid in me. , Jelly Roll, to 'Entertainment Tonight'.
Jelly Roll is currently working on his new album, a follow-up to 2023's 'Whitsitt Chapel.'.
I have been drowning in this album. I’ve
never wrote more songs. I’ve never took
it more serious and I’m probably gonna
release more music this year than I’ve
ever released in a year of my career. , Jelly Roll, to 'Entertainment Tonight'
Credit: Wibbitz Top Stories Duration: 01:31Published
New US Home Construction , Sinks to Slowest Pace in 4 Years.
Government data released on June 20 indicates that new home construction in America dropped in May to the slowest pace since June 2020, Yahoo Finance reports. .
Housing starts dropped 5.5%,
and building permits dipped 3.8%.
Home completions also fell to the lowest amount since September 2022.
High interest rates, set by the Fed to help tame inflation, have resulted in high mortgage rates.
But recent data has suggested that inflation has started to cool, which may give the Fed the confidence it needs to lower rates.
The weakest U.S. housing starts
since the pandemic-led shutdowns
are fairly convincing evidence of
restrictive monetary policy. , Sal Guatieri, senior economist at BMO Capital Markets, via note.
While a growing population and
workforce are providing some support,
US home builders won’t become
busier until borrowing costs fall, Sal Guatieri, senior economist at BMO Capital Markets, via note.
Meanwhile, other data released on June 20 showed that first-time applications for unemployment benefits dropped last week.
However, continuing claims rose
for a seventh consecutive week
Credit: Wibbitz Top Stories Duration: 01:30Published
Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.
ABC reports that borrowing costs for
home loans continued to ease this week,
with the average rate on a 30-year mortgage
falling to its lowest level since April.
According to mortgage buyer
Freddie Mac, the rate fell from
6.95% to 6.87% last week. .
That figure is still significantly higher than
what the rate was during the same time last year,
which was at an average of 6.67%. .
15-year fixed-rate mortgages
also eased, falling from
6.17% last week to 6.13%. .
During the same time last year,
the average rate was at 6.03%.
Those higher rates can add hundreds of dollars
to monthly costs for borrowers, which limits the
purchasing options of potential homebuyers.
Mortgage rates fell for
the third straight week
following signs of cooling
inflation and market
expectations of a
future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
ABC reports that rates are influenced by a number
of factors, including the Federal Reserve's interest
rate policy and the 10-year Treasury yield.
Due to yields also beginning to ease, the Federal
Reserve could start to drop its main interest rate
after hiking it up to the highest level in over 20 years.
Last week, Fed officials suggested that they would make
just one cut to their benchmark interest rate in 2024,
down from previous projections of three cuts for the year.
Credit: Wibbitz Top Stories Duration: 01:31Published
Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.
Last week, the number of people in the
United States filing for unemployment benefits
reached the highest level in ten months last week. .
ABC reports that the news comes as a potential
sign that the U.S. labor market may be slowing
under the burden of high interest rates. .
The week ending June 8 saw
applications for jobless benefits
rise by 13,000 to reach 242,000. .
According to Labor Department
data, that is up from 229,000 new
applications the week before.
The number also represents the highest
number of new applications since August
of 2023, while also being significantly higher
than the 225,000 new claims forecast.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
ABC reports that weekly unemployment claims have
lingered at historically low levels since millions of
jobs disappeared with the COVID-19 pandemic.
Since March of 2022, the Federal Reserve has raised
benchmark rates 11 times in an attempt to reign in
inflation which has risen to a four-decade high.
While the latest data suggests that consumer
inflation cooled in May, the Federal Reserve
has decided to leave rates at a 23-year high.
According to Fed Chair Jerome Powell, officials
are waiting for more evidence that prices
are reaching their target of two percent.
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1. .
ABC reports that a total of 1.82 million
Americans were collecting unemployment
benefits in the week ending June 1.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fed Holds Steady , With Interest Rates at , 2-Decade High.
On June 12, the Federal Reserve chose to hold
interest rates at a two-decade high while it
waits to see more signs of inflation going down.
'The Guardian' reports that officials at the United States
central bank expect to make a single rate cut
in 2024, according to the latest projections.
In previous projections,
policymakers expected the Fed
to make three cuts in 2024. .
At the latest meeting, the Fed chose to
keep rates at the same place they've been
for nearly a year, between 5.25% and 5.5%.
Despite recent data suggesting that inflation
may be easing, the Fed clearly doesn't see it moving
at a pace that would lead it to start cutting rates.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
In May, inflation cooled slightly across the U.S.,
according to the latest consumer price index, however
consumers remain frustrated over skyrocketing prices.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
'The Guardian' reports that price growth has
slowed significantly since surging over 9%
in 2022, its highest level in a generation.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
May saw prices for air fare and fuel go
down, inflation for grocery prices remained
flat, and shelter costs continued to rise.
Overall, prices remained unchanged on a month-to-month
basis as the Fed emphasized that it would wait for
inflation to hit its previously-stated target of 2%.
The committee does not expect
it will be appropriate to reduce
the target range until it has
gained greater confidence
that inflation is moving
sustainably toward 2%, Federal Reserve statement, via Fox News
Credit: Wibbitz Top Stories Duration: 01:31Published
European Central Bank , Cuts Interest Rates.
The action was confirmed on June 6 at
the central bank's meeting, CNBC reports. .
The European Central Bank's (ECB) key
rate will go from 4% down to 3.75%.
The ECB Governing Council issued a statement.
Based on an updated assessment of
the inflation outlook, the dynamics of
underlying inflation and the strength
of monetary policy transmission, , ECB Governing Council, via statement.
... it is now appropriate to
moderate the degree of monetary
policy restriction after nine months
of holding rates steady, ECB Governing Council, via statement.
This is the first time that interest rates
have been cut since September 2019. .
Updated macroeconomic projections indicate that 2024's "annual average headline inflation outlook" has been increased from 2.3% to 2.5%, CNBC reports.
For 2025, it was raised from 2% to 2.2%.
The projection for 2026 stayed at 1.9%.
The ECB's next meeting is in July, where another rate cut is unlikely, experts say.
The slight upgrade to the inflation forecast
was to be expected, inflation has been printing
a little bit hotter than markets were expecting,
but in terms of the timing of the next cut
I’d still be looking to September, Dean Turner, chief euro zone economist at
UBS Global Wealth Management, to CNBC.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
Canada also cut interest rates on June 5, while Sweden and Switzerland cut rates earlier this year.
The U.S. Federal Reserve continues
to battle America's rate of inflation.
Credit: Wibbitz Top Stories Duration: 01:31Published
Speaking in the Oval Office, Biden said passions were running high on both sides and the stakes of the election were enormous but that violence was not the answer, adding "We can do this".
Credit: euronews (in English) Duration: 02:23Published
In a critical prime-time address, President Joe Biden urges Americans to reject political violence and resolve their differences peacefully following the attempted assassination of former President Donald Trump. Highlighting the importance of civility in political discourse, Biden calls for unity and condemns the normalization of violence. Watch his powerful message and join the discussion on how we can heal as a nation.
#BidenSpeech #RejectViolence #Unity #TrumpAssassinationAttempt #PoliticalDiscourse #AmericanDemocracy #DonaldTrumpAssassination
President Joe Biden's asking Americans not to jump to conclusions about the man who shot Donald Trump ... urging people not to make assumptions about his.. TMZ.com
Middle-Aged Americans Are, Underprepared for Retirement, , Study Finds.
'Newsweek' reports that people in the United States
who are approaching retirement age may be critically
underprepared when it comes to their savings.
According to Prudential Investments, Americans around
the age of 55 are facing a "midlife retirement crisis,"
lacking the funds for a comfortable post-working life. .
A recent survey by the major insurance
provider found the average retirement
savings of a 55-year-old to be $47,950. .
This falls significantly short of the recommended
goal of having eight times a person's annual
income saved by the time they reach 55. .
According to the survey, 57% of 55-year-olds
said they expected to outlive the funds
they have currently managed to save.
That's compared to 59%
of 65-year-olds and
52% of 75-year-olds.
The survey also found that one-third of 55-year-olds
and 43% of 65-year-olds have already been forced
to postpone retirement due to inflation.
Attention today is rightly centered on
the approximately 11,000 65-year-olds
entering retirement every week, but we
must also focus as an industry on the
opportunity to help a slightly younger
generation of workers entering the
critical 10-year countdown to retirement, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
Further, the financial futures
of certain cohorts—such as
women—are especially precarious, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'.
The upside is that, with the right
planning and strategy to protect
their life's work, we can ensure
this generation is well-prepared
to live not only longer, but better, Caroline Feeney, executive vice president and head
of Prudential's U.S. Businesses, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Discover what hypergamy is and why it's becoming popular in modern dating. Learn how this trend impacts relationships and personal aspirations, based on insights from a recent survey of 2,000 Americans.
#Hypergamy #ModernDating #RelationshipGoals #DatingTrends #PersonalAspirations #AmericanCouples #AmericanYouth
Federal Reserve , Announces Pause On Rate Hikes , Amid Easing Inflation.
On September 20, the Federal Reserve paused its string
of interest rate hikes as it waits to see if its efforts
over the past..
Credit: Wibbitz Top Stories Duration: 01:31Published
US Consumers , Optimistic Despite , Rising Gas Prices.
CNN reports that American consumers
remain optimistic that inflation is easing,
despite rising gas prices.
CNN reports that American..
Credit: Wibbitz Top Stories Duration: 01:31Published
End of Pandemic Benefits , Caused Alarming Jump in , Childhood Poverty Rates.
On September 12, the United States Census
Bureau released new data showing that
child poverty more than doubled in..
Credit: Wibbitz Top Stories Duration: 01:30Published
![Lisa Kudrow Reveals She's Rewatching 'Friends' for Matthew Perry | THR News Video [Video]](https://video.newsserve.net/300/v/20240627/1379720282-Lisa-Kudrow-Reveals-She-Rewatching-Friends-for.jpg)
![Travis Kelce Makes First Onstage Appearance With Taylor Swift [Video]](https://video.newsserve.net/300/v/20240624/1379480572-Travis-Kelce-Makes-First-Onstage-Appearance-With-Taylor.jpg)
![Supreme Court Rejects Challenge to Tax Law on Foreign Investments [Video]](https://video.newsserve.net/300/v/20240620/1379117630-Supreme-Court-Rejects-Challenge-to-Tax-Law-on.jpg)
![Surgeon General Wants Social Media to Include Warning of Mental Health Risks [Video]](https://video.newsserve.net/300/v/20240617/1378826624-Surgeon-General-Wants-Social-Media-to-Include-Warning.jpg)
![Jelly Roll Calls Duet With Eminem the ‘Coolest Moment’ of His Career to Date [Video]](https://video.newsserve.net/300/v/20240611/1378264516-Jelly-Roll-Calls-Duet-With-Eminem-the-Coolest.jpg)
![New US Home Construction Sinks to Slowest Pace in 4 Years [Video]](https://video.newsserve.net/300/v/20240620/1379144182-New-US-Home-Construction-Sinks-to-Slowest-Pace.jpg)
![Mortgage Rates Continue to Fall, Raising Hopes of the Fed Cutting Rates [Video]](https://video.newsserve.net/300/v/20240620/1379139322-Mortgage-Rates-Continue-to-Fall-Raising-Hopes-of.jpg)
![Surge of New Applications for Unemployment Benefits May Signal Cooling Job Market [Video]](https://video.newsserve.net/300/v/20240613/1378501356-Surge-of-New-Applications-for-Unemployment-Benefits-May.jpg)
![Fed Holds Steady With Interest Rates at 2-Decade High [Video]](https://video.newsserve.net/300/v/20240612/1378403338-Fed-Holds-Steady-With-Interest-Rates-at.jpg)
![European Central Bank Cuts Interest Rates [Video]](https://video.newsserve.net/300/v/20240606/1377665674-European-Central-Bank-Cuts-Interest-Rates.jpg)
![Biden urges Americans to shun political violence day after Trump assassination attempt [Video]](https://video.newsserve.net/300/v/20240715/1381682836-Biden-urges-Americans-to-shun-political-violence-day.jpg)
![Biden's Prime-Time Address: Urgent Call to Reject Political Violence After Trump's Assassination Bid [Video]](https://video.newsserve.net/300/v/20240715/1381682160-Biden-Prime-Time-Address-Urgent-Call-to.jpg)
![Middle-Aged Americans Are Underprepared for Retirement, Study Finds [Video]](https://video.newsserve.net/300/v/20240627/1379781028-Middle-Aged-Americans-Are-Underprepared-for-Retirement-Study.jpg)
![Hypergamy Explained: The Dating Trend Attracting 40% of Americans | Oneindia News [Video]](https://video.newsserve.net/300/v/20240619/1378998680-Hypergamy-Explained-The-Dating-Trend-Attracting-40-of.jpg)
![Federal Reserve Announces Pause On Rate Hikes Amid Easing Inflation [Video]](https://video.newsserve.net/300/v/20230920/1358209668-Federal-Reserve-Announces-Pause-On-Rate-Hikes-Amid.jpg)
![US Consumers Optimistic Despite Rising Gas Prices [Video]](https://video.newsserve.net/300/v/20230915/1358031618-US-Consumers-Optimistic-Despite-Rising-Gas-Prices.jpg)
![End of Pandemic Benefits Caused Alarming Jump in Childhood Poverty Rates [Video]](https://video.newsserve.net/300/v/20230912/1357917295-End-of-Pandemic-Benefits-Caused-Alarming-Jump-in.jpg)
