this week called some of that strength into question. U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Retail sales make up about one-third of consumer spending, which drives most economic activity.
"This is one of the factors that is keeping things in check," Boockvar said. "Maybe these very high interest costs are overwhelming people's ability to pay back. It also coincides with a decline in say the savings rate and rising gasoline prices and is something we ought to pay attention to." The Fed's short-term lending rate is now targeted between 2.25% and 2.5%. However, it has gone up nine times since December 2015 and has triggered increases across the board in consumer debt instruments, due in part because it costs banks more to borrow.Boockvar said the main reason for the higher-than-average spike in card rates is because of post-financial crisis regulation. In 2009, Congress passed the Credit Card Accountability, Responsibility, and Disclosure Act.
"Who do you think pays for all the rewards we receive by utilizing our charge cards? Banks recoup the costs via higher card rates," Boockvar said.
Solution: pay off cards monthly or don’t use cards... or refinance cards...
backdooring their way onto the AOC and SenSanders platform.
I like in these articles that it’s the interest charged, and not the debt itself that’s the problem...
HODORRRRRRRRR
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