“My beautiful pile of cash is slipping away,” lamented a recent caller to my podcast. She is not alone. The personal savings rate, which is the amount of money people have after spending and taxes,…
The personal savings rate, which is the amount of money people have after spending and taxes, dipped to 3.4 percent at the end of last year. That’s a far cry from the COVID record high rate of 34% in April 2020 , and well below the pre-pandemic level of 8.8% for all of 2019.
The Federal Reserve Bank of New York reported that credit card balances increased $61 billion in the fourth quarter, and totaled $130 billion in credit debt for all of 2022, those were the largest increases for either a quarter or a year in the history of the data, which goes back to 1999. In its blog, the NY Fed pointed out that “there were 18.3 million borrowers behind on a credit card at the end of 2022 compared with 15.8 million at the end of 2019.” While they don’t see widespread defaults, for those individuals struggling to make those increasingly costly payments, “this financial distress is real.”
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