The economy is fantastic — unless you want a new job, a new home, or a new car

Tech Insider : Economy, Economy
A quarter trapped in a spider web
Making a major life change, such as buying a house or finding a new job, is going to come at a cost.

iStock; Rebecca Zisser/BI

Younger Americans are falling behind on credit card and car payments, New York Fed says

Tech Insider : Economy, Economy
  • Total consumer debt swelled to $17.5 trillion in Q4, a $212 billion jump from the previous quarter.
  • Delinquencies are rising among younger borrowers in particular, the New York Fed said. 
  • Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies. 

Younger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report. 

The impact of soaring bond yields on US consumers in 4 charts

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Swiping a credit card
Swiping a credit card

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Carvana Review 2023

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America's consumer-debt stress is mounting - mortgage rates top 7%, credit-card liabilities hit $1 trillion, and now auto-loan defaults are on the rise

Tech Insider : Economy, Economy
car dealer
The old-fashioned way to buy a car.

REUTERS/Carlos Barria

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