Motley Fool Money "When in Doubt, Zoom Out"
Aug 29, 2023
Bill Barker, an investment analyst, dives into the implications of soaring credit card debt, highlighting concerning APRs at retailers like Macy’s and Nordstrom. He provides context on rising delinquencies and discusses Best Buy's performance amidst a sales slowdown. Robert Brokamp offers practical advice for consumers burdened by escalating debt, particularly credit card and student loans. They also tackle the restart of student loan payments and introduce the SAVE program, emphasizing the need for effective debt management strategies in today's economic landscape.
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Credit Card Debt
- Credit card debt exceeding $1 trillion is not inherently problematic.
- It's expected to grow with the economy, population, and inflation.
Retailer Delinquencies
- Some retailers, like Macy's and Nordstrom, are experiencing increased credit card delinquencies.
- Their high APRs (around 32%) may contribute to this issue.
Check Your APR
- Consumers should actively check their credit card APRs, as they are often not readily visible.
- Companies may not make this information easy to find.