American household debt hits a 15-year high of $17 trillion

InflationMoney MattersCollectionsLeases & Loans
Written By Jennifer Joslyn

🏚️ American household debt hits a 15-year high of $17 trillion.

Spiraling towards levels only seen during the 2008 financial crisis, US household debt has increased by $320 billion in the last 3 months of 2022. The average American household owed $142,680 at the closing of the year, signaling that the economy cannot take any more blows. The average credit card annual percentage rate has reached 19.14% - beating the last record set in July of 1991 at 19%.

Read more from Fox Business ▶

Featured
Wealthy Americans Building "Passport Portfolios" for Security and Flexibility
Wealthy Americans Building "Passport Portfolios" for Security and Flexibility

Wealthy American families are increasingly obtaining second, or even multiple, citizenships and residences, a trend highlighted by Henley & Partners, a law firm specializing in high-net-worth citizenships.

Semiconductor manufacturing is still hindered by US supply chain issues
Semiconductor manufacturing is still hindered by US supply chain issues

A recent report highlights the success of reshoring initiatives, leading companies to scramble to find manufacturing operations in the United States and Mexico.

AAA study shows that most Americas are fearful of automated vehicle technology on the road
AAA study shows that most Americas are fearful of automated vehicle technology on the road

These results are somewhat surprising, considering many of those same individuals are interested in the technology that powers those systems.

White House advisor warns that the U.S. has a long road ahead to catch up with China
White House advisor warns that the U.S. has a long road ahead to catch up with China

China currently dominates the rare earth and mineral production market, controlling the lion’s share of 60% globally.

If we’re in a recession, why are unemployment rates so low?
If we’re in a recession, why are unemployment rates so low?

It’s a strange conundrum, indeed. Economists are scratching their heads at a 3.4% unemployment rate while the rest of the economy teeters on the edge.

U.S. businesses want tariffs on Chinese goods removed
U.S. businesses want tariffs on Chinese goods removed

The Biden Administration is considering extending the Trump-era tariffs which account for hundreds of billions of dollars in levies - and some businesses don’t like that.

U.S. and Qatar are tied for world’s largest LNG exporter
U.S. and Qatar are tied for world’s largest LNG exporter

LNG stands for liquefied natural gas, a form of natural gas that has been cooled to a liquid state, making it easier to store and transport.

The United States and Saudi Arabia are battling over oil
The United States and Saudi Arabia are battling over oil

While the relationship between the two countries is critical, United States officials are vocalizing angry sentiments at the Saudi-led OPEC decision to cut oil production.

Jennifer Joslyn
Previous

Airlines are coming together to create more sustainable aviation fuel
Next

Electric vehicles cost Americans $66k on average as of 2023