{"id":1168,"date":"2023-10-15T00:34:08","date_gmt":"2023-10-15T00:34:08","guid":{"rendered":"https:\/\/connectwithfund.com\/finance\/americans-are-less-confident-they-can-make-the-minimum-payments-on-their-credit-cards-new-york-fed-says\/"},"modified":"2023-10-15T00:34:09","modified_gmt":"2023-10-15T00:34:09","slug":"americans-are-less-confident-they-can-make-the-minimum-payments-on-their-credit-cards-new-york-fed-says","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1168","title":{"rendered":"Americans are less confident they can make the minimum payments on their credit cards, New York Fed says"},"content":{"rendered":"
\n

More Americans think they\u2019re in danger of falling behind on their debts.<\/p>\n

People\u2019s expectation of missing a minimum payment on a debt \u2014 anything from credit cards, to auto loans to student loans and mortgages \u2014 increased in September to the highest level since May 2020, according to the Federal Reserve Bank of New York\u2019s Survey of Consumer Expectations, released Tuesday. Survey respondents said there was a 12.5% chance on average that they would not be able to make the minimum required payment on a debt, up 1.4 percentage points <\/strong>from the previous month.<\/p>\n

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Two groups reported the biggest increases in worries about debts in September: Those who are below the age of 40 and who have some college education, and those with an annual household income below $50,000, the researchers said.\u00a0<\/p>\n

The rise in consumers\u2019 expectation of missing minimum debt payments \u201cwas an indication that inflation and higher interest rates are catching up with people, especially people with lower incomes and lower credit scores,\u201d said Ted Rossman, senior industry analyst at Bankrate.com.\u00a0\u00a0<\/p>\n

Student loan repayment started this month after pausing for three years. Those who had \u201csome college education\u201d might be the most vulnerable of all, Rossman said.\u00a0<\/p>\n

\u201cThey may have taken on student debt, but they didn\u2019t get the degree to show for it. So they may not be enjoying the higher wages and the lower unemployment rate,\u201d Rossman added.\u00a0<\/p>\n

At the same time, American consumers felt it was harder to borrow from banks and lenders in September compared to a year ago. More people expected tighter credit a year from now, the survey found.\u00a0<\/p>\n

The New York Fed survey polled 1,300 households every week in September and looked into how Americans view the overall economy as well as their own personal finances, jobs, and cost of living.<\/p>\n

People\u2019s expectation of their household spending growth remained the same in September compared with the previous month at 5.3%.\u00a0<\/p>\n

Americans expect inflation to continue to grow in the short and medium term, the survey found, but fewer people felt inflation would grow and stay high in the long term. Inflation ticked up slightly in August, with prices on consumer goods and services rising 3.7% from a year ago, according to the Bureau of Labor Statistics. The September inflation number will come out on Wednesday.\u00a0<\/p>\n

Americans\u2019 credit card debt topped $1 trillion in the first and second quarters of 2023, a record high, according to New York Fed data. As the Fed has raised interest rates to tamp down inflation, borrowing has become more expensive, with the average cred-t card annual percentage rate now at 24.45%, according to LendingTree, the highest since the online lending marketplace started tracking it in 2019.\u00a0<\/p>\n

Credit-card delinquency rates have increased since pandemic times, but they have been \u201cartificially low\u201d for the past several years because of pandemic stimulus payments and people spending less money. <\/p>\n

Also read:<\/strong> More people plan to use \u2018Buy Now Pay Later\u2019 for holiday shopping this year \u2014 but there\u2019s one \u2018troubling sign\u2019<\/strong><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More Americans think they\u2019re in danger of falling behind on their debts. People\u2019s expectation of missing a minimum payment on a debt \u2014 anything from credit cards, to auto loans to student loans and mortgages \u2014 increased in September to the highest level since May 2020, according to the Federal Reserve Bank of New York\u2019s Survey of Consumer Expectations, released Tuesday. Survey respondents said there was a 12.5% chance on average that they would not be able to make the minimum required payment on a debt, up 1.4 percentage points from the previous month. Two groups reported the biggest increases<\/p>\n","protected":false},"author":1,"featured_media":1169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nAmericans are less confident they can make the minimum payments on their credit cards, New York Fed says | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"More Americans think they\u2019re in danger of falling behind on their debts. 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