{"id":127090,"date":"2022-05-06T22:50:54","date_gmt":"2022-05-06T22:50:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=127090"},"modified":"2022-05-06T22:50:54","modified_gmt":"2022-05-06T22:50:54","slug":"richard-quest-the-market-is-in-deep-dysfunction","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/richard-quest-the-market-is-in-deep-dysfunction\/","title":{"rendered":"Richard Quest: &#39;The market is in deep dysfunction&#39;"},"content":{"rendered":"<p><cite>San Francisco (CNN Business)<\/cite>Americans are racking up debt at record rates.<\/p>\n<p>Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday.<br \/>\nRevolving credit, which includes credit cards, surged by 21.4%.<\/p>\n<ul><\/ul>\n<p>Despite robust wage growth &#8212; over the past 12 months, average hourly earnings have gone up by 5.5% &#8212; consumers are seeing those gains eroded by the highest inflation in 40 years. The cost of food is up nearly 9% over the last year, and a gallon of gas now averages $4.279 at the pump. <\/p>\n<ul><\/ul>\n<p>Paying off credit card debt is about to get even more difficult for those who don&#8217;t make the minimum monthly payment: The Federal Reserve on Wednesday announced a half-point rate hike as part of a series of actions intended to address rampant inflation. That means interest rates will rise on everything from credit cards to car loans, pressuring household budgets even further.<\/p>\n<p>&#8220;All of this newfound debt that Americans have is only going to get more and more expensive in the coming months,&#8221; said Matt Schulz, chief credit analyst for Lending Tree.<strong> <\/strong><\/p>\n<ul><\/ul>\n<p>The rise in debt levels is likely driven by two factors, Schulz said. First, there is some pent-up spending after lockdown. Then there are other cash-strapped individuals who are turning to credit cards to pay for basic needs that have grown more expensive, he said. <\/p>\n<ul><\/ul>\n<p>&#8220;An increase in credit card debt can be a sign of confidence, or it can be a sign of concern,&#8221; Schulz said. &#8220;I think we&#8217;re seeing both of those simultaneously right now in this country, and it&#8217;s just another example of how different people have been impacted in the wake of the pandemic.&#8221;<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/05\/06\/economy\/consumer-credit-debt-march\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Francisco (CNN Business)Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":127089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Richard Quest: &#039;The market is in deep dysfunction&#039; - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/richard-quest-the-market-is-in-deep-dysfunction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richard Quest: &#039;The market is in deep dysfunction&#039; - Fin2me\" \/>\n<meta property=\"og:description\" content=\"San Francisco (CNN Business)Americans are racking up debt at record rates. 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