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Conversation, it s about raising the debt keeling which allows the united states to pay its bills, borrow money to pay its bills more accurately. that s right. rich: how much of a risk does that pose to the economy? there was downgrade from triple a to double a. the risk is, of course, higher interests and the higher interest rates are hurting the average america, consumer loans, small business owners, for example. rich: any concerns about stagflation, maybe, a 70 s throwback. oh, yeah, we are looking at the consumer. there s a lot of conversation with the white house, hey, the consumer is doing, great, man, look at the spending. well, they are spending more but they are getting less because of inflation and when you look at the savings rates it s at a record low about 3% when you look at credit card rate it s at record highs. and so people are actually living on credit. almost like our federal government is right now. ....
It s obviously rocked the markets across the globe and has hit the financial sector. we have to keep in mind inflation is still high, spiked to a 40-year high and it was 6% last month and only recently started to drop. our central bank has to deal with that, and they are hiking rates a quarter of a percent, and that s the rate banks lend to each other overnight. we have seen the rate hikes, and that trickles through to consumers. right now the average credit card rate is 20%. higher rates could hurt smaller banks as more people may not put as much deposits in there and that s what the smaller banks thrive on. thank you. still ahead, no classes today for hundreds of thousands of students in los angeles. why school workers in the ....
Consumer spending and inflation? quite a worrying development there, john. credit card spending was up 18.5 percentage points from a year ago. a record debt of $930 billion for 2022. also bear in mind because the interest rates have been rising, the average credit card rate is about 20% now. if you were to pay the minimum paymentive month, it would take you 17 years to pay off the debt with a 20% interest rate. the reason people are leaning more on their credit cards is simply because of the cost-of-living advices. they re leaning on their credit cards to buy things like food and groceries and in some cases, utility bills. not a good development. joumanna bercetche, thank you for joining us this morning. up next, public criticism for how president biden shot down the balloon off the coast of ....
On my side i do it all the time. i have very good members and great chairmen and i leave it up to them, a lot of the decisions. i have a question for you on the makeup of the senate. one last one on the debt ceiling. can biden raise it unilaterally? there s some discussion of that. i don t know how real it is. could it come to that? who knows. let s hope it doesn t. no brinksmanship, for the last four times despite the early rhetoric we came together when the republicans had power, democrats had power, i think that s what has to be done. interest rates, even if we get close and there s brinksmanship it could raise your mortgage rate, your car rate, credit card rate, your college debt rate. it s terrible. katie porter announced she s running for dianne feinstein s seat, she has not said she s retiring, what s happening there? she has not said she s ....
November ask of this year and last year. that s well above where the fed would like to see it, they would prefer closer to 2%. but it s lower than the 9% in the middle of the year, certainly some improvement that says they can move on that front. so certainly, watch for the statement at 2:00 p.m. and the press conference at 2:30. that does run in with the france game. i will be watching the press conference to see what comes of that. i want to ask you with so many people shopping online, still shopping in stores and the holiday shopping is in full force, what could today s hike mean for credit card interest rates? could it change anything for folks? reporter: we need to acknowledge credit card rates are at a record. bank rate says the average credit card rate was 19.4%. certainly, a type of interest rate you would not want to have to incur. if you we have passed the black ....