The U.S. national debt has been growing more quickly in recent months, increasing about $1 trillion nearly every 100 days. U.S. debt permanently crossed over $34 trillion on 4th January 2024 according to data from the U.S. Department of the Treasury. It reached $33 trillion on 15th September 2023, and $32 trillionRead More →
The world is looking at a debt crisis that will span the rest of this decade and well into the next $307.4 trillion of world debt! It’s not going to end well; economists warn with global borrowings hitting a record of $307.4 trillion in September 2023. Debt at this level is unsustainable.Read More →
A Downgrade Amidst Economic Slowdown In a significant development that has raised concerns among investors and policymakers worldwide, China’s debt outlook has been downgraded as the country grapples with a slowing economy. This move reflects growing apprehensions about the sustainability of China’s economic growth and its ability to manage itsRead More →
U.S. citizens have accumulated a record-breaking $1 trillion in credit card debt. The Federal Reserve’s interest rate hikes through 2023 have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average. Despite rising costs and higher borrowingRead More →
Moody’s, a credit rating agency, lowered its ratings outlook on the United States to negative from stable. This means that Moody’s sees a higher risk of a downgrade in the future, which could affect the borrowing costs and confidence of the U.S. government. Moody’s actions The main reasons for Moody’sRead More →
U.S. citizens now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. U.S. Household Debt Rises to $17.29 Trillion Led by Mortgage, Credit Card, and Student Loan Balances Total household debt rose by 1.3% to reach $17.29 trillion in the thirdRead More →
In an announcement Monday 30th October 2023, the U.S. Treasury Department said it will be looking to borrow $776 billion. The Treasury said it expects to borrow $816 billion between January and March 2024. The announcement comes 10 days after the government said the fiscal 2023 budget deficit would beRead More →
The amount of U.S. debt is a complex and controversial topic that has different perspectives, implications and opinion. According to the U.S. Treasury Fiscal Data, the national debt of the United States was $33.52 trillion as of 23rd October 2023. This includes both the debt held by the public, which is the amountRead More →
The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds touches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22nd November 2023. TheRead More →
Credit card losses in the U.S. are rising at the fastest pace since the Great Financial Crisis of 2008. Goldman Sachs reportedly predicts that credit card losses will continue to climb through the end of 2024 or early 2025 for most issuers. This is unusual because the losses are accelerating outsideRead More →
The value of UK mortgage arrears jumped by almost a third in April to June 2023 compared with the same period last year, according to the Bank of England (BoE). Outstanding mortgage debt is now £16.9bn, the highest since 2016, it said. Mortgage costs have risen for millions as theRead More →
Slow-Growing UK Faces Over £2.6 Trillion Debt Pile £2,600,000,000,000 in debt The amount the UK owes exceeds GDP for first time since 1961. Inflation-linked bonds mean the UK is paying more than its peers. From the financial crisis to Russia’s invasion of Ukraine, the UK has borrowed and spent itsRead More →
Problem? Americans are using their credit cards more than ever, pushing the total balance to over $1 trillion for the first time in history, according to a report from the New York Federal Reserve. The report, released August 2023, showed that credit card balances rose by $45 billion to $1.03Read More →