Christine Peters-Staggs’ Post

📉 Struggling with Credit Card Debt? According to JD Power’s recent survey, over half of U.S. credit card users aren’t paying their balances in full each month, and less than 50% are considered financially healthy. Even as inflation cools, many are still feeling the squeeze of high-interest rates and economic uncertainty. Is your credit card debt holding you back? It’s time to reassess spending habits and build a plan to get ahead. 💡 How are you managing your financial health in this challenging environment? #FinancialWellness #CreditCardDebt #Inflation #FinWell360 #AndrewLendnal #PersonalFinance #DebtManagement https://lnkd.in/ewUfFChG

US Credit Card Interest Rates Hit Record Highs As we delve into the ever-evolving landscape of finance, it's crucial to stay informed about the shifts that impact our wallets directly. A recent update that merits our attention is the significant rise in the average interest rate on credit card balances in the United States, which has ascended to an unprecedented 21.6%. This rate surpasses historical figures, marking the highest point since records began back in 1994. What does this mean for consumers and the broader economy? For one, the increased cost of carrying credit card debt emphasizes the importance of financial literacy and prudent spending habits. It also signals a potential shift in consumer behavior as individuals and families may seek alternative financing options or prioritize paying down high-interest debt. #Finance #CreditCards #InterestRates #FinancialLiteracy #EconomicTrends

Yes, interest rates have dropped a 1/4%. Some may feel relieved, thinking they've dodged a financial crisis. However, for many, this change won't have a significant impact. Perhaps the real issue lies not in the interest rates, but in the amount borrowed or lent. Banks often extend excessive credit to clients eager to max out their borrowing limits. Feeling the financial pinch? Next time you're tempted to make a purchase, dine out, swipe your credit card, or consider a loan for a big expense—hold off. We may not control interest rates, but we wield substantial power over our financial well-being by making mindful choices. #interestrates #borrowed #lent #banks #credit #financialmanagement #personalfinance

The vast majority of Americans, 90%, are stashing money away for something this year, according to our 2024 State of Savings report. At a time when competition for deposits is fierce, that’s good news for bank and credit union leaders that consumers want to save. But saving isn’t the only determining factor when it comes to financial wellness for consumers. Nor is it the only factor that dictates an institution’s deposit growth trajectory. Find out more in the full report: https://lnkd.in/gdeABPvf

According to the latest data released on Tuesday from the Federal Reserve Bank of New York, the total amount of credit card debt held by Americans reached a new peak of $1.13 trillion in the last quarter of 2023.   This was a significant increase of $50 billion, or 4.6%, from the third quarter, indicating a growing reliance on credit cards among consumers. Let’s engage in a conversation about consumer debt! Share your thoughts and experiences in the comments below. Source: Quarterly Report on Household Debt and Credit #ConsumerDebt #FinancialWellness #DebtManagement #FinancialLiteracy

For many Americans credit card balances remain high. Additional monthly payments may make a difference and accelerate the payoff of your outstanding credit card debt. Use our calculator to learn more: https://hubs.ly/Q02m3NKw0 #CreditEducationMonth

🔍 High-Yield Savings Accounts: What's the Catch? 🌟 Ever noticed the asterisk next to those interest rates? Here's what you should know: 1. Minimum Balance: Fall below, and that nice high yield rate might as well be a dream. 2. Rate Variability: Today's earnings can be tomorrow's hope. Rates change. 3. Withdrawal Limits: Regulation D says 'hey' with limits on how often you can dip into your savings. Watch out for withdrawal fees. High-yield savings accounts makes many promises, but the highlights dims when you read the fine print. Still, they're a powerful tool if you play by the rules. 💡 Thinking of opening one? Here's a golden tip: Compare, understand the terms, and reflect on your banking habits. The best account is one that fits your financial lifestyle, not just your interest rate cravings. #FinancialWisdom #SavingsGoals #HighYieldSavings

For many Americans credit card balances remain high. Additional monthly payments may make a difference and accelerate the payoff of your outstanding credit card debt. Use our calculator to learn more: https://hubs.ly/Q02m3N3t0 #CreditEducationMonth

Consumer delinquencies on auto-loans and credit-cards continue to accelerate to the upside... In fact they are now at the highest levels since 2010(!) (after the Great Financial Crisis) While the top-20% of households that own assets are still hanging in there due to the 'wealth effect' from the stock market, more and more consumers are struggling just to pay their bills. High prices (after the inflation of the last 2-years), as well as high interest rates, are decimating consumer finances. I would recommend making sure you have sufficient savings in the event that we see a deeper and prolonged slow-down in the economy. Also reviewing your portfolio and assessing the risk and diversification. Do an analysis to determine what the impact would be on your investments, and your goals, if we see a prolonged downturn in the economy and stock market.

🚨 BREAKING: US Credit Card Interest Rates Hit Record 23.4% 📈 In August, interest rates soared to a new high, climbing 7 percentage points over the last two years. With Americans now facing a staggering $1.36 trillion in credit card debt, annual interest payments have ballooned to $318 billion—double what was paid in 2019. Key insights: - Serious delinquency rates stand at 7%, the highest since 2011. - The credit card debt bubble is popping. As consumers grapple with rising costs, what are the implications for financial health and spending habits? Let’s discuss! 💬👇 #Economy #CreditCards #ConsumerDebt #Finance