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☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ The 'phantom debt' of buy now, pay later is growing and will soon hit some Americans hard
▼ + stars: | 2024-01-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

Buy now, pay later plans gained popularity in 2023 as an alternative to high-interest credit cards. Buy now, pay later use surged recently and those bills are now dueThe use of buy now, pay later plans skyrocketed during the 2023 holiday season. According to Adobe, which tracks online sales, buy now, pay later plans use was up 47% on Black Friday and 43% on Cyber Monday. According to PYMNTS' survey, 39.6% of respondents used buy now, pay later plans for clothing and accessories and 33.7% used them for groceries. Buy now, pay later debt can be advantageous if used correctly.

Persons: —, Rather, Peter Cade, PYMNTS, Tim Quinlan, Shannon Seery Grein, Selcuk, Mark Luschini, Janney Montgomery Scott, Maria Bartiromo, Luschini, Warren Buffett, Buffett, I've Organizations: Service, Federal Reserve Bank of Philadelphia, Adobe, Household Economics, Science Research Network, Economic, Anadolu Agency, Getty, Wells, US Locations: Wells Fargo

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