When it comes to money issues, we all tend to think local or national, not global. Yet, while energy prices, especially fuel, have risen dramatically and are blamed on the current political administration, the cost of energy has exploded all around the globe. With winter approaching, people in the United Kingdom are bracing for record-high …
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2022 Survey of Consumer Expectations, which shows substantial declines in short-, medium- and longer-term inflation expectations. Expectations about year-ahead price increases for gas and food fell sharply. Home price growth expectations and year-ahead spending growth expectations continued to pull back from …
In recent years, the Brooking Institution published a series of papers as part of its Future of the Middle Class Initiative. In a 2020 paper, Brookings defined the Middle Class as the middle 60 percent of the household income distribution–“not poor, but not prosperous either.” How much income must a family have to be considered middle …
New findings from LendingClub paint a picture of people sliding back into just getting by financially. 61% or 203 Million Americans are Living Paycheck To Paycheck, Up from 55% a Year Ago. At the same time, the average savings amount dropped to $10,757 in June 2022. People are wandering more towards the financial edge despite …
It is not looking good for people and their personal finances. But, from the data released by the Federal Reserve, it certainly appears the pent-up demand for saving and spending has exploded following the perceived end of the coronavirus pandemic. Saving rates went way up during the pandemic. Between increased benefits and reduced expenses, people …
Is everybody having fun? According to the feds, the economy is booming: millions of new jobs and rising wages. The defense industry and its stockholders are getting rich from the Ukraine War, and college students are likely to get all their student-loan debt forgiven. Ain’t that great! In Baton Rouge, where I live, thousands of …
Today, my concern for your finances is over credit card balances and interest rates rising. People are not prepared for what is coming, and I want you to be ready. You can subscribe to my podcast on any of these sites below. The latest figures are out from the Federal Reserve report on consumer …
By Rajashri Chakrabarti, Jessica Lu, Joelle Scally, and Wilbert van der Klaauw Forbearance on debt repayment was a key provision of the CARES Act, legislation intended to combat the widespread economic losses stemming from the COVID-19 pandemic. This pause on required payments for federally guaranteed mortgages and student loans has provided temporary relief to those …
By William J. Arnesen, Jacob Conway, and Matthew Plosser Since the depths of the Great Recession, household debt has increased from a low of $11 trillion in 2013 to more than $14 trillion in 2020 (see the New York Fed Household Debt and Credit Report). In this post, we examine how consumers’ repayment priorities have …
The latest Household Debt and Credit report is out for 2020 Q4. Aggregate household debt balances increased by $206 billion in the fourth quarter of 2020, a 1.4% rise from 2020Q3, and now stand at $14.56 trillion. Balances are $414 billion higher than at the end of 2019. Balances Mortgage balances shown on consumer credit …