The Federal Reserve Bank of New York began tracking credit card consumer debt in 1999. In 2024, it recorded the highest level of revolving consumer debt since records began, topping $1.17 trillion. For perspective, that number represents an average of over $7,200 per...
Retirement accounts are a key component for Americans to build wealth for their post working years. High net worth Americans report more than half their wealth is in accounts like 401(k)s and IRAs. And this trend is bringing more workers into the millionaire category,...
Inflation and unemployment reports are solid. Recent reports have brought encouraging news on two critical fronts of the economy, including inflation and unemployment. Both indicators have shown improvement. On Oct 4, the unemployment rate fell to 4.1%, down from 4.2%...
The Department of Justice sued Visa Inc. on Tuesday, September 24, sending the company's stock downward by 5.5%. Today, a company in Florida followed up with a visa class action lawsuit, which alleges that visa has monopolized the market, in what could be the start of...
Two weeks ago, Central Bank Fed Chair Jerome Powell announced the Fed was cutting interest rates for the first time since the pandemic when the Federal Open Market Committee approved a reduction to the overnight borrowing rate of 50 basis points, or one-half of one...
As Hurricane Helene bears down on the Gulf Coast this week and into the weekend, and the hurricane season appears poised to ramp up, the perennial questions regarding home insurance and climate change pop back into mind. The Congressional Budget Office released a...
The Federal Reserve announced it will lower the federal funds rate, the first rate drop since the onset of the pandemic. This follows the Fed holding interest rates at their highest level in over two decades to slow down inflation. The Fed rate cut news is a moment of...