the beginning of time and he was this kind of cheerful working class guy or i m from scranton now. he s just a husk, has no idea what he s saying. but the image of joe biden still resonates in your head. he s for the middle class course. it s the opposite of that. if you wanted to help the middle class, you would send ten thousand dollars to every family with a head of household who lays concrete or every truck driver in the country. but that s not what he s doing. if he wants to do that, he would force colleges with 30 billion dollar endowments to cover this loan forgiveness. he would also talk about mortgage loans and credit card debt, which are much bigger problems for most people. car debt in central biden is talking about what his supporters, the npr community cares about and that student debt he s making you pay for it . according to the wall street journal, more than 70% of the loans that joe biden just canceled you re going to be now responsible for are held by borrowers and to
so this morning the federal reserve expected to take its most aggressive step yet in the war on inflation, raising interest rates by as much as three quarters of a percentage point. that s a lot. that would be the single biggest hike in almost 30 years. so what does that mean for you and your money? here now early start anchor and cnn chief business correspondent christine romans. good morning. well, it s inflation that ails the u.s. economy and the fed is about to deliver very strong medicine. higher interest rates, the biggest increase in decades, it will make it more expensive for families and businesses to borrow money, higher rates for mortgages, credit cards, student loans and car debt, business loans will already cost more. the 30 year fixed rate mortgage road to 5.25%, under 3% in november. rock bottom rates until now fueled a scorching housing market, the hope is higher rates
quintile. and it s disproportionally held by it s held by those who have especially high lifetime earning potential. journeyman how is ari fleischer from the white house press secretary, fox news contributor, and omelette f nova, former left-wing activists. ari, this is so transparent, what they are doing with the student debt forgiveness. it s insulting, and obvious we just adds to our economic woes. and it s just morally wrong. why is it student debt? why is why isn t that your car debt? why isn t it your home debt? what a burden, nobody should have to pay any of their bills. it s wrong to make people pay the bills that they incurred. what about all the rest of us who do pay our bills and do pay our debts? on appointment, as president biden loves to point out, is low. people have jobs, they have money, so they need to pay their bills. if this is just buying votes as the democrats always try to do, but this is also an example of
year ago. even after multiple rounds of covid relief checks went out. so, why do we continue to spend money we don t have? the big part of that, of course, is home mortgages, over the quarter over $200 billion. and car debt has gone up as well. the number to watch, though, is credit card debt. that is still below what it was during the pandemic, but the trend line is up. people are falling more and more back on their credit cards and that does not bode well for 2022 and 2023. so, optimists will say, administration will say home values are up so the consumer balance sheet is not that bad. however, credit card debt is going up and we know what a burden that can be. that s the ominous thing and the number to watch, that s not going in a good direction. sandra: meanwhile you look at the total amount when you break it down, outstanding debt and number of american households.
There are more reasons to be pessimistic about the state of the auto industry than most people care to admit. With chip shortages and, well, everything shortages across the board, there's another issue lingering in the shadows that might be even harder to solve than the microchip shortage. Currently, Americans have more auto debt in their name than almost any other expense, to the tune of over $1 trillion.