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Americans’ Debt Payments Are Increasing

January 24, 2024
in News
Americans’ Debt Payments Are Increasing
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Americans are spending more on monthly debt payments compared to three years ago, according to credit platform LendingTree, as high prices, elevated interest rates and the resumption of student loans squeezed the pocketbook of households.

On average, households pay nearly $1,600 a month toward their debt, with the majority going to mortgage payments, auto loans and personal debt. This was $400 more than when LendingTree conducted the study in 2020. The study analyzed data of 310,000 LendingTree users from July 1 to September 30, 2023.

“Inflation is definitely one of the things that’s driving more debt,” Matt Schulz, LendingTree’s chief credit analyst, told Newsweek on Tuesday.

Schulz said that part of the reason debt payments have increased is that people are back to the pre-pandemic spending ways and consumers are leaning toward debt to meet those outlays.

credit debt
A sales associate works on a customer’s transaction with a credit card. Americans spent more on debt in 2023 compared to three years ago, data from LendingTree showed.
Tim Boyle/Getty Images

But a jump in interest as part of the Federal Reserve’s hiking of rates to their highest level in two decades to battle soaring inflation made the cost of borrowing more expensive. Inflation, while it has slowed from its peak of 9 percent in the summer of 2022, is still above the Fed’s 2 percent target. In December, inflation came in at 3.4 percent, according to the U.S Bureau of Labor Statistics.

Another expense that Americans are having to meet that was absent during the COVID-19 pandemic is the resumption of student loan payments that were paused. This is adding to the debt payments households have to make, Schulz said.

“Interest rates are certainly a big deal with all of these types of loans,” he said. “But also just the general rising cost of life tightens people’s budgets and leaves them less financial wiggle room to save for down payments for mortgages and cars and things like that.

“So it makes them a little more likely to have to lean on debt to get by.”

The outlook for 2024 is for things to get slightly better for Americans, especially with the expectation that the Fed may cut rates at some point during the year.

“There’s certainly reason to believe that this year will be a better year than last for folks with debt,” Schulz said. “I think most people believe that interest rates are going to fall. That will be a big relief for folks, so that that will certainly help.”

But with student debt restarting, beginning with interest on the loans resuming in September and the principal outlays kicking in the following month and inflation still elevated, households are still going to feel pressure. Analysts say households pay on average $200 to $300 a month on student debt.

“Certainly everything isn’t sunshine and rainbows, but there is reason to believe that 2024 will be better than some of the recent years,” Schulz said.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Newsweek – https://www.newsweek.com/americans-debt-payments-are-increasing-1863297

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