Americans Accumulate Record Credit Card Debt Amidst Inflation and High Interest Rates, Concerns Rise Over Banking Stability.

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As inflation and steep interest rates persist, Americans are accumulating more credit card debt, with the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit expected to reveal a new record exceeding $1.08 trillion. Despite Fed Chair Powell’s assurance that another real estate-led banking crisis akin to 2008 is unlikely, he anticipates potential closures or mergers among smaller banks. The delinquency rate for Chicago office loans is currently at 14.63%, reflecting the most restrictive monetary policy since the 1970s and 1980s, as the Fed tightens standards for all loans, particularly in Commercial Real Estate.

www.foxbusiness.com/economy/credit-card-debt-poised-hit-new-record-high

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