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Search resuls for: "Wilbert van der"


8 mentions found


☆ The pandemic has changed when Americans expect to retire
  + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.
Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey
☆ Consumers Hit the Brakes on Debt Just as it Reaches Record Levels
  + stars: | 2024-02-08 | by ( Tim Smart | Feb. | At A.M. | ) www.usnews.com   time to read: +4 min
Credit expanded by just 0.4% in the month, according to the Federal Reserve’s monthly credit report released Wednesday. And it still leaves consumers with record levels of credit card debt. Of that, credit card balances grew by $212 billion to $1.13 trillion, while mortgage balances rose by $112 billion to $12.25 trillion. “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. Average card balances rose by 10% from a year ago to $6,360, a record.
Persons: ”, Wilbert van der, TransUnion, Michele Raneri, Scott Haymore, “ Deleveraging, Wells Fargo Organizations: Federal, Federal Reserve Bank of New, Auto, New York Fed, millennials, TransUnion, TD Bank Locations: Federal Reserve Bank of New York, Wells Fargo
☆ Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure
  + stars: | 2024-02-06 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Why credit card debt keeps rising"Even though $1 trillion in credit card debt is a staggering number to wrap your brain around, the unfortunate truth is that it is only going to keep climbing from here," said Matt Schulz, chief credit analyst at LendingTree. Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, Schulz said. What to do if you're in credit card debt
Persons: millennials, Wilbert van der, Matt Schulz, Schulz Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York
☆ Credit card and auto loan delinquencies are the highest in more than a decade
  + stars: | 2024-02-06 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
New York CNN —Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they’re the highest they’ve been in more than a decade. Debt balances increased across the board, with credit card balances rising $50 billion to hit a new nominal high of $1.13 trillion (when adjusting for inflation, balances have yet to surpass the levels seen in 2008). “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” Wilbert van der Klaauw, economic research adviser at the New York Fed, said in a statement. “The delinquency numbers are pretty eye-opening, especially when it comes to credit cards,” Matt Schulz, chief credit analyst at LendingTree, told CNN via email. Student loan delinquencies will not be reported to the credit bureaus until later this year.
Persons: ” Wilbert van der, Matt Schulz, “, delinquencies Organizations: New, New York CNN, Federal Reserve Bank of New, York Fed, New York Fed, CNN Locations: New York
☆ Credit card delinquencies surged in 2023, indicating 'financial stress,' New York Fed says
  + stars: | 2024-02-06 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday. The quarterly increase at an annualized pace was around 8.5%, New York Fed researchers said. Credit card debt, however, jumped 14.5% from the same period in 2022. Credit card debt as a share of income is still below pre-pandemic levels. Mortgage debt increased 2.8% in 2023, while the delinquency rate increased to 0.82%, up a quarter percentage point from the previous year.
Persons: Delinquencies, delinquencies, Wilbert van der, Joe Biden Organizations: New York Federal Reserve, New York Fed, Auto, Federal Reserve, Washington
☆ Household debt, credit card balances and delinquencies all rose last quarter
  + stars: | 2023-02-16 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +1 min
Minneapolis CNN —Americans continued to add to their debt at the end of last year — and grew their credit card balances at record rates, according to data released Thursday by the Federal Reserve Bank of New York. Total US household debt hit $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed’s latest Quarterly Report on Household Debt and Credit. While the lion’s share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well. Credit card balances increased nearly 6.6% to $986 billion during the quarter, the highest quarterly growth on record, according to New York Fed data that goes back to 1999. And as debt is growing, Americans are having more trouble meeting payment obligations: The share of current debt becoming delinquent increased across nearly all debt types, with credit cards and auto loans showing delinquency transparency rates of 0.6 and 0.4 percentage points, respectively.
☆ Consumer debt hits record $16.9 trillion as delinquencies rise as well
  + stars: | 2023-02-16 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday. Debt across all categories totaled $16.9 trillion, up about more than $1.3 trillion from a year ago as balances rose across all major categories. Auto loan debt delinquencies rose 0.6 percentage point to 2.2% while credit card debt jumped 0.8 percentage point to 4%. Student loan debt also increased for the month after staying flat during much of the pandemic amid government-backed amnesty for borrowers. Auto loan debt edged higher to $1.55 trillion while credit card balances rose to just shy of $1 trillion.
☆ U.S. household debt jumps to $16.90 trillion
  + stars: | 2023-02-16 | by ( Lindsay Dunsmuir | ) www.reuters.com   time to read: +3 min
Feb 16 (Reuters) - U.S. household debt jumped to a record $16.90 trillion from October through December last year, the largest quarterly increase in 20 years, as mortgage and credit card balances surged amid high inflation and rising interest rates, a Federal Reserve report showed on Thursday. Household debt, which rose by $394 billion last quarter, is now $2.75 trillion higher than just before the COVID-19 pandemic began while the increase in credit card balances last December from one year prior was the largest since records began in 1999, the New York Fed's quarterly household debt report also said. Mortgage debt increased by $254 billion to $11.92 trillion at the end of December, according to the report, while mortgage originations fell to $498 billion, representing a return to levels last seen in 2019. Meanwhile credit card balances increased by $61 billion in the fourth quarter while auto loan balances rose by $28 billion, the report said. However, younger borrowers appear to be struggling more to make repayments for both credit card and auto loans.
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