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☆ Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off
▼ + stars: | 2024-02-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs. More from Personal Finance:Average credit card balances jump 10% to a record $6,360Credit card debt hits a 'staggering' $1.13 trillionAmericans can't pay an unexpected $1,000 expense Already, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record high 20.74%, according to Bankrate. Try a 0% balance transfer credit card "My favorite tip is to sign up for a 0% balance transfer credit card," said Ted Rossman, senior industry analyst at Bankrate. Those offers are "just about the best tool you have against credit card debt," added Matt Schulz, chief credit analyst at LendingTree.

Persons: Achilles, Tomas Philipson, Philipson, Ted Rossman, Matt Schulz Organizations: University of Chicago, White House Council, Economic Advisers, Finance

☆ Average credit card balances jump 10% to a record $6,360 as more consumers fall behind on payments
▼ + stars: | 2024-02-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Americans now owe $1.13 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. In that case, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record-high 20.74%, according to Bankrate. Millennials increasingly lean on creditStill, consumers often turn to credit cards, in part because they are more accessible than other types of loans. How to tackle credit card debt

Persons: Ted Rossman, Cardholders, Wise, that's Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York, TransUnion

☆ Lower rates help homebuyers more than cardholders: Bankrate's Ted Rossman
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLower rates help homebuyers more than cardholders: Bankrate's Ted RossmanTed Rossman, senior industry analyst at Bankrate.com, joins 'The Exchange' to discuss how rates affect home prices, the outlook for homebuyers, and more.

Persons: Ted Rossman Ted Rossman

☆ The buy now, pay later holiday debt hangover has arrived, as consumers wonder how they'll pay bills
▼ + stars: | 2024-01-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

So she turned to a novel solution to get through the season: Buy now, pay later. It's tough to say how buy now, pay later fits into the country's overall debt picture. Klarna, PayPal and Affirm all declined to share buy now, pay later delinquency rates with CNBC. Affirm has said the short-term and high-velocity nature of its buy now, pay later service makes traditional credit metrics less relevant. Klarna said its global default rate for its overall business including buy now, pay later is less than 1%.

Persons: Kiki Andersen, Andersen, I've, I'm, It's, Ted Rossman, delinquencies, who've, Klarna Organizations: PayPal, CNBC, Adobe, Federal Reserve Locations: Los Angeles, U.S

☆ What student loan borrowers should know about their credit as bills restart
▼ + stars: | 2024-01-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

D3sign | Moment | Getty ImagesFederal student loan bills resumed in the fall after a pause of more than three years. "Negative information shouldn't be reported during the 12-month on-ramp period, but positive information should be included," Rossman said. Still, check for errors on your credit reportStudent loan borrowers should regularly check their credit reports to make sure the information is accurate, Kantrowitz said. If your loan servicer makes an error, such as reporting your loan as delinquent during the on-ramp period, you'll want to bring it to their attention quickly, he said. In this case the creditor would be your student loan servicer, on behalf of the U.S. Department of Education.

Persons: Ted Rossman, Rossman, Kantrowitz, — Organizations: U.S . Department of Education Locations: Annualcreditreport.com

☆ Here are two child credits parents can take advantage of this tax season
▼ + stars: | 2024-01-19 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Maskot | Maskot | Getty ImagesHow the child tax credit worksThe child tax credit is meant to help families navigating the expense of raising a child. "The intent behind the child tax credit is to give parents a bit of a break," said Ted Rossman, a senior industry analyst at Bankrate. The child tax credit was temporarily expanded during the pandemic, but expired at the end of 2021. Now, Lawmakers are considering an $87 billion bipartisan tax agreement that could once again boost the child tax credit starting in 2023. "The child tax credit is very broadly applied," Rossman said.

Persons: Ted Rossman, Rossman Organizations: Maskot

Once the new "love interest" gains your trust, they may claim that someone close to them is sick, hurt or in jail. Another frequent lie from an online "love interest" is an offer to help invest in cryptocurrency. How to avoid romance scams: Talk to friends or family about a new love interest and pay attention if they're concerned. Don't share with a love interest any personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity. Employment scamsBusiness and job-related scams are another top category of financial fraud, and with companies laying off workers, these schemes are likely to continue in 2024.

Persons: —, Fraudsters, General Merrick B, Garland, Michael Bruemmer, Ted Rossman, you've, they've, it's Organizations: Istock, Getty, U.S, CNBC, FTC, cryptocurrency Locations: cryptocurrency

☆ Credit card delinquencies surpass pre-pandemic levels
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

New York CNN —More Americans are buckling under the weight of mounting credit card debt. The Philadelphia Fed analyzed consumer credit card and mortgage data that large banks provide to the Federal Reserve on a quarterly basis. As such, a greater share of people are revolving all or part of their credit card balance. This nearly three-year stretch of high inflation and strong consumer spending has helped to send consumer debt — especially credit card balances — ballooning. It’s typically practical matters — that surprise medical bill, unexpected home or car repair, and day-to-day expenses — that get people into credit card debt, Rossman said.

Persons: New York CNN —, Gene Huang, Anna Veksler, “, Ted Rossman, Bankrate, Rossman, “ That’s, it’s, ” Organizations: New, New York CNN, Federal Reserve Bank of Philadelphia, Philadelphia Fed, Federal Reserve, Philly Fed, CNN Business Locations: New York

☆ Americans are racking up more 'phantom debt' — why that's a problem
▼ + stars: | 2024-01-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Buy now, pay later is now one of the fastest-growing categories in consumer finance, according to a separate report by Wells Fargo. "It's hard to know how much of this debt is out there," said Ted Rossman, senior industry analyst at Bankrate. However, managing multiple buy now, pay later loans with different payment dates can also be a challenge, Quinlan added. "BNPL could lead to an increase in consumer debt, as consumers may be more likely to take on additional debt if they know they can spread out the payments," he said. watch nowWhile the typical terms might break a purchase into four equal interest-free payments, not all buy now, pay later loans work that way.

Persons: Wells, Tim Quinlan, Quinlan, Ted Rossman, Max Levchin, Rossman Organizations: Wells, Finance Locations: Wells Fargo

☆ Carrying a credit card balance is costing you $1,140 per year — and is about to get much worse
▼ + stars: | 2023-12-05 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

However, credit card balances are especially worrisome because they are going to keep getting worse. That means the average American could be spending $1,140 every year on credit card interest and fees alone. Americans have been accruing a lot of credit card debt at a terrible timeAccording to the Federal Reserve Bank of New York, Americans had nearly $1.1 trillion in credit card debt in the third quarter of this year. Credit card interest rates, which had already been at their highest level since the mid-1990s, started soaring even higher. But with credit card debt going through the roof, the blissful spending could come to a screeching halt.

Persons: couldn't, —, Gary Coronado, LendingTree, Ted Rossman, Biden Organizations: Service, SoFi Bank, Federal Reserve, Federal Reserve Bank of New, Federal Reserve Board, Fed, New York, New York Fed, Consumer Financial, CNN, Household Economics Locations: WalletHub, Federal Reserve Bank of New York, delinquencies

☆ It's never been harder to build wealth. Blame high interest rates and the US housing market.
▼ + stars: | 2023-11-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.

Persons: It's, it's, —, Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations: –

☆ Why buy now, pay later options aren't necessarily better than credit cards
▼ + stars: | 2023-11-24 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Buy now, pay later options accounted for around $6.4 billion of online spending in October, according to Adobe Analytics. But while they may offer attractive benefits, such as interest-free payments, they aren't necessarily better or safer than using a credit card. Buy now, pay later payment options essentially allow you to take out a microloan to make a purchase, then pay back that loan in installments. While that may seem like a deal, if you're using multiple buy now, pay later plans, the payments can really add up, Rossman says. If you're choosing between using a credit card or a buy now, pay later option, here's how to decide which is right for you.

Persons: Ted Rossman, Rossman Organizations: Adobe Analytics, CNBC

☆ 25% of Americans still have holiday debt from last year: 'If you're in a hole, stop digging,' says money expert
▼ + stars: | 2023-11-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

About 25% of Americans are still paying off holiday debt from 2022, according to WalletHub's November holiday shopping survey. But those already carrying a balance could find themselves sinking further into the red if they don't get a handle on their credit card debt. "If you're in a hole, stop digging," Ted Rossman, Bankrate's senior industry analyst, tells CNBC Make It. One reason you may want to avoid racking up more debt is that higher interest rates are making it more expensive to pay down. A higher interest rate means it could take longer and be more expensive to pay down your credit card debt.

Persons: Ted Rossman, Rossman Organizations: CNBC, Federal Reserve

☆ What orange juice futures tell us about the state of our world
▼ + stars: | 2023-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Cocoa and orange juice futures have hit multi-decade highs as climate change and harsh weather takes their toll on crops in warmer climates. Here’s the latest in the commodities market:Orange juiceOrange juice futures have soared to their highest levels since the commodity began trading in 1966. The January contract for frozen concentrated orange juice is currently sitting around $3.95, up nearly 94% so far this year. The rally has led to a rise in speculative betting, leading some analysts to call orange juice futures the new GameStop. But “the eventual crash in the price of orange juice will be one for the record books,” he quipped.

Persons: Nicole, it’s, they’re, ”, Dave Reiter, It’s, Brent, David Morrison, stoking, That’s, WeWork, Nathaniel Meyersohn, Ermengarde Jabir, Alicia Wallace, “, Ted Rossman Organizations: CNN Business, Bell, New York CNN, OJ, Sunshine State, Futures, GameStop, Reiter Capital Investments, Cocoa, West Texas Intermediate, “ Traders, Trade Nation . Energy, Wheat, Organisation for Economic Co, Federal Reserve Bank of New, New York Fed Locations: New York, Ukraine, Orange, US, Brazil, Mexico, Florida, Ghana, Ivory Coast, Ivory, Chicago, Southeast Asia, Europe, China, Russia, America, United States

☆ Retirement is overrated, Gen Z says, as ‘soft saving’ trend takes hold
▼ + stars: | 2023-11-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Ted Rossman senior industry analyst at BankrateIn addition to soaring food and housing costs, millennials and Gen Z face other financial challenges their parents did not as young adults. Gen Z workers are the biggest cohort of nonsavers, Bankrate also found. Most financial experts recommend having at least three to six months' worth of expenses set aside. "Every dollar you set aside in your 20s will compound over time," Rossman said. "Compound interest is the eighth wonder of the world," Rossman added, referring to an earlier comment Einstein reportedly said.

Persons: Ted Rossman, Gen Zers, Gen, Bankrate, Kara Duckworth, Duckworth, Rossman, Einstein Organizations: Getty, Financial Independence, Bankrate, Bank of America, Intuit, Mercer Advisors

☆ Credit scores hit an all-time high even though households are falling deeper in debt
▼ + stars: | 2023-10-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As of April, the average credit card utilization was 34%, up from 31% a year earlier. Your utilization rate, the ratio of debt to total credit, is one of the factors that can influence your score. Credit experts generally advise borrowers to keep revolving debt below 30% of their available credit to limit the effect that high balances can have. The possibility of a recession coupled with rising unemployment could weigh on scores going forward, he added. What is a 'good' credit score?

Persons: Ted Rossman, FICO, Dornhelm

☆ A risk of 'cash stuffing:' You may forgo ‘the easiest money you are ever going to make,’ says analyst
▼ + stars: | 2023-10-24 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Daniel Grill | Getty ImagesHow cash stuffing worksAfter gaining popularity on TikTok, more young adults are trying the so-called envelope method, or "cash stuffing," to stay on budget and out of debt. The premise is simple: Spending money is divided up into envelopes representing your monthly expenses, such as groceries and gas. When the cash in one envelope is spent, you're either done spending in that category for that month, or you need to borrow from another envelope. Some downsides of keeping cashStashing cash not only forgoes the protections that come with consumer banking, it may also leave you vulnerable to theft. Vet financial advice from social mediaFor consumers in search of sound financial advice, "there is a tremendous amount of education out there," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com.

Persons: Daniel Grill, Ted Rossman, it's, McBride, we've, Matt Schulz, Schulz, Howard Dvorkin Organizations: FDIC

☆ These credit cards have had 'increasingly notable' high rates, analyst says. What to know before you shop
▼ + stars: | 2023-10-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"We've seen all types of credit card rates go up in recent years, but store cards have been increasingly notable," said Ted Rossman, senior industry analyst at Bankrate. "It's becoming way more common for many credit cards to have that as a possible standard rate," Schulz told CNBC in a previous interview. watch nowYet, about 74% of 2023 holiday shoppers still plan on using credit cards to buy gifts this year, NerdWallet found. 'These 0% promos are very dangerous'Retail credit cards will oftentimes offer a 0% interest promotion described as "deferred interest." Sara Rathner credit cards expert and writer at NerdWallet.

Persons: We've, Ted Rossman, Matt Schulz, Schulz, Sara Rathner, NerdWallet, Bankrate's Rossman, Rathner Organizations: Bankrate, Finance, CNBC Locations: NerdWallet

☆ After a summer of Barbenheimer and Beyoncé, can US consumers still afford the holiday season?
▼ + stars: | 2023-10-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Ballpark attendance boomed this summer, Barbenheimer revived the box office and a Renaissance of live performances brought concerts into new Eras. However, it also could mean that holiday spending just might look a little different and skewed more toward experiences than it has done in past years. Respondents to KPMG’s 2023 holiday survey said they plan to spend 5% more this season, said Matt Kramer, KPMG’s consumer and retail national sector leader. “What stands out the most is this ‘leaning in’ to holiday travel and wanting to have those experiences with friends and family,” he said. A more comprehensive look at consumer spending will come at the tail end of the month when the Personal Consumption Expenditures data is released.

Persons: Barbenheimer, Everybody, ”, Keith Gentili, ” Taylor Swift, Allen J, “, Ted Rossman, that’s, ’ ”, aren’t, Matt Kramer, Tamara Charm, Elijah Nouvelage, Patrick T, Fallon, Gus Faucher, Nathan Howard, Nancy Vanden Houten, ’, ” Rossman, Matt Schulz Organizations: Minneapolis CNN —, New Hampshire, Los Angeles Times, Getty, Bankrate, McKinsey, Travelers, Hartsfield, Jackson Atlanta International Airport, Bloomberg, Commerce, Apple, PNC Financial Services, Shoppers, canaries, LendingTree Locations: Minneapolis, New, Inglewood , California, splurge, ’, Los Angeles, AFP, Georgetown, Washington, what’s, Oxford

Retail sales increased 0.7% in September, driven by nonstore retailers and spending at food and drinking establishments, the Census Bureau reported on Tuesday. Even after stripping out autos, as some analysts do, the increase was 0.6%, way above estimates of a 0.2% gain. As long as those trends remain positive, consumers will feel they have the wherewithal to continue shopping. “Consumer spending has been fairly flat over the last two months,” according to Bank of America Institute’s Consumer Checkpoint October report. However, the wages and salaries of higher-income households are still growing at slower rates than other income cohorts.”Many retailers will be looking to the critical holiday season for a boost in sales.

Persons: ”, Ted Rossman Organizations: Census, Bankrate.com, “, Federal Reserve, Employers, Labor Department, Bank of America, ” Bank of America, Cyber, Signifyd’s Commerce

☆ Consumer data is more positive than sentiment, says Bankrate's Ted Rossman
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer data is more positive than sentiment, says Bankrate's Ted RossmanTed Rossman, senior industry analyst at Bankrate, and Neil Hennessy, Hennessy Funds chief market strategist, join 'The Exchange' to discuss consumer names to watch, consumer credit risk, and cracks starting to emerge in consumer spending health.

Persons: Ted Rossman Ted Rossman, Neil Hennessy, Hennessy Organizations: Hennessy Funds

☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

☆ Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We do not see a path forward for legislation to cap credit card interest rates," Seiberg said. There are 70 million more credit card accounts open now than in 2019, it said. Credit card interest rates have predominantly remained below 36% due to "self-restraint" by banks, though that's still "extremely high" for a credit card, said Lauren Saunders, associate director at the National Consumer Law Center. I think some of the [political] lines are starting to blur a little bit, at least on credit card issues. How to reduce your personal card rate to 0%Rossman's general advice to consumers: Make your personal credit card rate 0%.

Persons: Luis Alvarez, Rossman, Seiberg, There's, that's, Lauren Saunders, Ted Rossman, Sen, Bernie Sanders, Alexandria Ocasio, Glenn Grothman, Grothman, Hawley Organizations: Digitalvision, Getty, Cowen Washington Research Group, Republican, Federal Reserve Bank of New, Federal Reserve, National Consumer Law Locations: Federal Reserve Bank of New York, Alexandria, Cortez, Jesús, Chuy, García

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

☆ Subprime auto delinquencies are worse now than during the Great Recession: Bankrate's Ted Rossman
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSubprime auto delinquencies are worse now than during the Great Recession: Bankrate's Ted RossmanTed Rossman, Bankrate senior industry analyst, joins 'The Exchange' to discuss the rising cost of mortgages, high mortgages cutting homebuyers' purchasing power, and risks involved in homebuyers' betting on refinancing.

Persons: Ted Rossman Ted Rossman

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