Interest rates on credit cards have hit a record high as the Federal Reserve shows no signs of pivoting away from its monetary tightening policy. The average credit card annual percentage rate (APR) has hit 19.04 percent, Ted Rossman, a senior industry analyst at Bankrate, said to The Epoch Times. This is a new record…
Credit Card Rates Hit Record High as Borrowing Costs Soar Amid Fed Hikes
November 10, 2022
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More Americans Are Living Paycheck to Paycheck Amid High Inflation
October 25, 2022
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As inflation continues to remain elevated, Americans are struggling to make ends meet and finding that there isn’t much leftover after making monthly payments, according to a recent survey by LendingClub. As of September 2022, 63 percent of U.S. citizens were living paycheck to paycheck, up 5 percent from 57 percent in September 2021. Last…
More Americans Are Struggling to Pay for Food, Bills Amid Soaring Inflation
As inflation continues to remain elevated, more Americans are finding it difficult to pay their bills, according to a survey by LendingTree. The survey found that 40 percent of Americans are now less able to afford monthly bills, a slight increase from the more than 38 percent from the same time in 2021. Sixty-two percent…
Inflation Is Eroding American Workers’ Wages: Federal Reserve
October 7, 2022
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Most workers in the United States have seen their wages fall behind inflation in the past year, according to a recent report by the Federal Reserve Bank of Dallas. The Fed calculates that 53.4 percent of the American workforce saw their real wages decline between the second quarter of 2021 and second quarter of 2022,…
Statistics Canada Says Household Debt Ratio up in Second Quarter
Statistics Canada says the amount Canadians owe relative to their income moved higher in the second quarter as the level of debt grew faster than their earnings. The agency says household credit market debt as a proportion of household disposable income rose to 181.7 percent on a seasonally adjusted basis in the second quarter, up from…
Walmart Selling Refurbished Products to Inflation-Weary Shoppers as Recession Looms
August 1, 2022
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Retail giant Walmart announced a new program created to help customers discover refurbished products at “everyday low prices.” As people look for ways to save money, “like-new” refurbished items have become a popular way to reduce costs without compromising on quality, Walmart said in a July 29 news release. Walmart already works with sellers and…
Americans’ Real Wages Decline Due to Rising Inflation
Even though Americans have seen sizable wage growth over the past year, real wages have actually dipped during the period due to soaring inflation, which is presently at four-decade high levels. “In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.08. Over the past…
Poll Shows More Americans Want Biden to Focus on Inflation Than Russia–Ukraine War
July 4, 2022
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American citizens are more interested in the Biden administration tackling inflation than focusing on helping Ukraine in its war against Russia, a recent poll by YouGov shows. When asked about issues that ought to be President Joe Biden’s top priority, 38 percent of respondents voted for lowering or eliminating inflation, according to the results of…
Environmentalists Sue Biden to Stop Drilling; Monthly Car Payments Hit Record High | NTD Business
Environmental groups sue the Biden administration, after it handed out oil and gas drilling permits. The groups are concerned about how drilling affects the environment. Auto giant Ford sees an increase in late payments for car loans. But it says it’s not worried yet. Why? China’s trade with Russia expected to hit new highs in the coming…
US Savings Rate Plummets to Record Low as Inflation Levels Remain High
May 30, 2022
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The personal savings rate of Americans has dipped to the lowest level in 14 years as sky-high inflation takes a big chunk of people’s budgets. The U.S. personal saving rate, as a percentage of disposable income, fell to 4.4 percent in April, down from 5 percent in March, the lowest since 2008. The savings rate…
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