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Over the course of 2022, the Federal Reserve raised its key interest rate seven times, from a rock-bottom 0.25% in March to 4.50% by the end of December. Average credit card balances increased by 13.2% to an average balance of $5,910 in 2022, according to Experian data, as both credit card interest rates and spending […]
Average Credit Card Balances up 13.2% to $5,910 in 2022 Read More »
Americans are taking out fewer mortgage loans as interest rates increase, a reflection of buyer uncertainty amid rising inflation, higher interest rates and concerns about economic slowdowns. And even as mortgage rates hover near highs not seen in 20 years, mortgage amounts have yet to fall back to pre-pandemic levels. Experian examined mortgage rate data
Fewer People Are Taking Out Mortgages as Interest Rates Increase Read More »
If you’re feeling like grocery prices have inched up seemingly overnight, you’re not alone. The last time grocery costs spiked this much was in 1980, when the U.S. was coming off more than a decade of rising prices in the wake of higher government borrowing and spending spurred by World War II and the Vietnam
How Grocery Purchasing Power Has Changed in the U.S. Read More »
There’s no question that consumers are facing some tough economic headwinds: 40-year inflation highs, supply shortages of everything from sriracha sauce to used vehicles, and a stock market that lost more than 20% of its value during 2022. Amid all this uncertainty, however, now may be a good time to zoom out and observe how
States Where Financial Inclusion Has Improved the Most Since 2013 Read More »
Long before there were e-commerce retailers with next-day shipping, buy-now-pay-later financing, and advertisers tracking every click, there were department stores with friendly human associates and layaway services. The U.S. Census Bureau defines department stores as retailers “that have separate departments for general lines of new merchandise, such as apparel, jewelry, home furnishings and toys, with
How Department Store Spending Has Changed in the Last 30 Years Read More »
Younger Americans are racking up credit card debt faster than older generations. In the time since the U.S. economy came to a pandemic-induced halt in the spring of 2020, their credit card debt has grown more on average, while older generations have seen reductions in average credit card debt balances, according to Experian. To better
How Credit Card Usage Differs by Generation Read More »
From September 2020 to September 2021, total mortgage debt grew by 7.6% to reach $10.3 trillion, according to Experian data. Mortgage balances are by far the largest component of American consumer debt, comprising more than two-thirds of the collective $15.3 trillion in debt Americans carry. As illustrated in Experian’s recent 2021 consumer debt review, the
Total Mortgage Debt Increases to $10.3 Trillion in 2021 Read More »
Consumer credit card usage in 2021 stayed largely stable. This was a contrast to 2020, when credit card borrowers retrenched during the pandemic lockdown and snapped a decade-long streak of credit card balance decreases both by spending less and borrowing less. If 2020 was the year of disruption, 2021 was the year that American consumers
Credit Card Debt in 2021: Balances Slightly Decline Read More »
