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Washington, DC CNN —Americans racked up a record amount of credit card debt in 2023, soaring past a trillion dollars. “Consumers still have a lot of money left over to be able to spend, so the credit card data is often misinterpreted,” Russell Price, chief economist at Ameriprise Financial, told CNN. According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period. So, while there certainly isn’t a shortage of economic hurdles bedeviling people’s budget — and credit card debt has surged — the big picture indicates that, so far, Americans (and their economy) remain healthy.
Persons: ” Russell Price, Price, haven’t, market’s, ” Gregory Daco, ” Lara Rhame, Laura, Jensen Huang, Christine Lagarde, Virgin, Michael Barr, Raphael Bostic, Susan Collins, John Williams, Papa, Austan Goolsbee, Loretta Mester, fuboTV, Christopher Waller, Mary Daly, Adriana Kugler Organizations: CNN Business, Bell, DC CNN, Workers, New York Fed, Consumers, Ameriprise, CNN, Federal Reserve Bank of New, . New York Fed, Employers, Soaring, FS Investments, Nvidia, Huawei, AMD, Microsoft, Broadcom, US Commerce Department, Central Bank, eBay, Smucker, Urban Outfitters, Global, Board, TJX, Monster Beverage, Baidu, HP, Paramount Global, Anheuser, Busch Inbev, Dell Technologies, Papa John’s, US Labor Department, National Association of Realtors, P, China’s National Bureau, Statistics, Pearson, P Global, Institute for Supply Management, University of Michigan Locations: Washington, Federal Reserve Bank of New York, ., EY, Santa Clara, Singapore, Shenzhen, China, Beijing, CAVA
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors can expect 'surgical' rate cuts in second half of 2024, says FS Investments' Lara RhameGreg Branch, Veritas Financial Group managing partner, and Lara Rhame, FS Investments chief U.S. economist, join 'Squawk Box' to discuss the latest market trends, the Fed's rate path decision, strong January jobs report, and more.
Persons: Lara, Greg Branch, Lara Rhame Organizations: Investments, Veritas Financial Group, FS Investments
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSteady unemployment rate means 'we might not even get three cuts' from Fed: Unlimited's Bob ElliottBob Elliott, Unlimited CEO and Lara Rhame, FS Investments Chief U.S. Economist, joins 'Closing Bell Overtime' to talk the day's market action.
Persons: Bob Elliott Bob Elliott, Lara Rhame Organizations: FS Investments, Economist
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