American households racked up a record $17.29 trillion in debt last year, driven by mortgage, credit card and student loan balances, according to the latest numbers from the Federal Reserve Bank of New York. Now, fresh data indicates an alarmingly high percentage of consumers began falling behind on their payments at the same time.
The Washington State Department of Financial Institutions has issued this Consumer Alert to notify Washington consumers that there appears to be an increase in the use of virtual currency kiosks to perpetuate fraudulent or illicit activity.
On December 22, 2023, New York Governor Kathy Hochul vetoed proposed legislation that would have banned all employee non-compete agreements in New York.
U.S. consumers got a bit of a break from robocalls in December, according to the YouMail Robocall Index. The firm said that the volume of robocalls was the lowest since February 2022 and “a stunning” 20% below the 2023 average of about 4.6 billion such calls per month.
Revolving consumer loans (aka credit card debt) hit a new record in the US this week: $1.3 trillion, according to the Federal Reserve’s latest release on consumer debt. At an annualized rate, the category, which mostly consists of credit card balances, spiked nearly 18% in November.
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