Credit card debt in America has reached $905 billion dollars, according to a recent NerdWallet survey. Kimberly Palmer, Personal Finance Expert at the company, joins Cheddar to explore some of the reasons behind the increase.
Two categories have outpaced income growth over the past decade: medical expenses and food. Healthcare costs, in fact, have increased by 34% while income has only grown by 20%. She gives some alternatives for how to pay off those expenses without whipping out the credit card.
Plus, people always say you're throwing out money when you rent a home, but how much money are homeowners throwing away in credit card interest? Palmer says that a house may be a great asset, but owners tend to ring up double the amount of credit card interest versus renters when spending on things like upkeep.
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It might sound counterintuitive, but the Fed cutting interest rates three times this year could cause inflation to spike and actually be worse for markets and the economy as a whole.
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March was a blockbuster month for jobs, with 303,000 new positions – and paired with slower wage growth, an economist and a portfolio manager agree this could be the ‘best of both worlds.’
