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Search resuls for: "Donghoon Lee"


5 mentions found


☆ American Consumers Are Running Up Their Credit Cards. But They May Have a Little Left in the Tank to Spend
  + stars: | 2023-11-09 | by ( Tim Smart | Nov. | At P.M. | ) www.usnews.com   time to read: +8 min
“So many more people have credit cards now.”Wise says the main thing to watch for is how strapped consumers are in their overall financial condition. There are signs the consumer may still have a little left in the tank. And speaking of tanks, gas prices have been coming down, a move that will free up a little more money for consumers to spend. And this occurred while consumers repeatedly tell surveys they are feeling gloomy and pessimistic about the state of the economy. The pace of increase in consumer prices has fallen from around 9% annually in the summer of 2022 to under 4% now.
Persons: ”, Donghoon Lee, “, TransUnion, TrasnUnion, Charlie Wise, ” Wise, we’ve, ” Patrick De Haan, De Haan, Lisa Sturtevant, Goldman Sachs, Jan Hatzius, Joseph Brusuelas, Tuan Nyugen Organizations: Federal Reserve Bank of New York, New York Fed, TransUnion, “, MLS, Federal, ” Goldman, Adobe Locations: U.S, California
☆ NY Fed: US Q3 credit card debt up on strong economy, as credit woes tick higher
  + stars: | 2023-11-07 | by ( Michael S. Derby | ) www.reuters.com   time to read: +5 min
A credit card is used on a payment terminal at a shop near Nantes, France, in this illustration picture taken November 6, 2023. The New York Fed report found credit issues are rising, albeit from low levels. The report said increases in credit card delinquency rates were most pronounced for thirtysomething borrowers. “The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” the economist noted. Line chart with data from the Federal Reserve Bank of New York show credit card and auto loans delinquencies for over 30 days.
Persons: Stephane Mahe, there's, Donghoon Lee, “, Daniel Silver, Morgan, Lisa Cook, Michael S, Andrea Ricci, Jonathan Oatis Organizations: REUTERS, Federal Reserve Bank of New York, New York Fed, New, Fed, The New York Fed, New York Federal Reserve, Federal Reserve Bank of New, New York, Thomson Locations: Nantes, France, The, U.S, Federal Reserve Bank of New York, New
☆ Americans’ debt levels — and delinquencies — are on the rise
  + stars: | 2023-11-07 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
The increases in credit card delinquency were the sharpest among borrowers in the range of 30 to 39 years old, according to the New York Fed. Newly delinquent auto loan balances continued to climb, as well, with transitions into serious delinquencies hitting 13-year highs, survey data showed. Still, thanks mostly to higher-quality mortgage loans, overall delinquencies remain below pre-pandemic levels, New York Fed researchers said. Credit card balances, which in the second quarter surpassed the trillion-dollar mark for the first time, continued to grow at historic rates. This year is on pace to have the lowest origination values since 2014, New York Fed data shows.
Persons: ”, Donghoon Lee, “, Mortgage originations Organizations: Minneapolis CNN, Federal Reserve Bank of New, New York Fed, ” New York Fed, Mortgage Locations: Minneapolis, New, New York
☆ NY Fed: Consumer debt rises in third quarter on strong demand, high inflation
  + stars: | 2022-11-15 | by ( Michael S. Derby | ) www.reuters.com   time to read: +3 min
That said, overall mortgage debt during the third quarter rose by $282 billion and hit $11.67 trillion at the end of September, the New York Fed said. The rise in consumer level debt took place in an economy where unemployment was low and consumer demand was high amid the worst levels of inflation seen in 40 years. INFLATION BOOSTS CONSUMER SPENDINGThe New York Fed report said that during the third quarter there was a 15% increase in credit card balances, which was the largest such increase in more than 20 years. The report noted that student loan balances declined slightly during the third quarter and stood at $1.57 trillion. A report from the New York Fed in September said that the president's plan could cancel out just under half a trillion dollars' worth of existing debt.
☆ Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says
  + stars: | 2022-11-15 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
Households increased debt during the third quarter at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances, the Federal Reserve reported Tuesday. The increase follows a $310 billion jump in the second quarter and represents a $1.27 trillion annual increase. The biggest contributors to that debt load came from mortgage balances, which rose $1 trillion from a year ago to $11.7 trillion, and credit card debt, which climbed to $930 billion. New York Fed researchers attributed the credit card growth to "very robust" consumption, rising prices and consumers using substantial levels of savings that remain on accounts. Auto loan debt, while posting only a slight increase on a quarterly basis, is up 5.6% from a year ago.
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