Credit card debt is on the rise, but that doesn't mean it is time to panic about the state of American credit. Though the economy is pressuring the bottom lines of American families, consumers have demonstrated increased financial literacy, according to a recent study from TD Bank.
Let’s be blunt: last year was hard on many Americans’ finances. The impacts of inflation are forcing families to stretch their dollars further to cover soaring costs of everyday necessities. Meanwhile, monetary tightening by the Federal Reserve pushed interest rates up, making borrowing and debt more expensive. According to a report from the Federal Reserve Bank of San Francisco, savings accumulated during the pandemic have been slowly depleted over the last year for many families.
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