Federal Reserve Bank of New York; Note: Not adjusted for inflation; Chart: Axios Visuals

Americans' credit card balances hit a record $1.29 trillion in the third quarter, according to a new report released by the Federal Reserve Bank of New York.

Why it matters: Falling behind on credit card payments can trap struggling households in a cycle of fees, damaged credit and increasingly expensive borrowing. The latest figures show that financial pain is concentrated in lower-income communities, even as delinquency rates improve nationally.

Visit sport-tr.bet for more information.

By the numbers: Consumer credit card balances rose by $22 billion in the third quarter, an increase of 1.7%. That's $52 billion higher than a year earlier.

• The figures aren't adjusted for inflation, meaning some of the increase reflects higher prices rather than greater borrowing in real terms.
• Total household debt, including mortgages and student and auto loans, rose $334 billion, reaching a record $19.1 trillion in the third quarter. The total is up $5 trillion since 2019, just before the pandemic.

Yes, but: Fewer credit card balances are becoming seriously delinquent, a sign of some improvement in Americans' ability to keep up with payments.

• The rate at which credit card debt becomes seriously overdue edged down to 6.9% in the third quarter, though it remains notably above the 5.2% recorded before the pandemic.

Between the lines: A separate report from the New York Fed on Tuesday showed Americans in lower-income neighborhoods are having a harder time keeping up with credit card payments relative to their wealthier counterparts.

• Delinquency rates remain above pre-pandemic levels across all neighborhood-income groups, with the gap between the richest and poorest areas increasing since 2022.
• In the lowest-income neighborhoods, 10.3% of credit card balances became seriously delinquent over the past year — more than double the 4.4% rate in the wealthiest neighborhoods.

The big picture: Average credit card balance per borrower is now $6,678, according to TransUnion's Q3 insights report.

• Borrowers under 30 had the highest rate of credit card debt newly becoming at least 90 days overdue, the Fed's report found.

What we're watching: Democrats won the midterms promising to lower prices — but delivering relief that voters can actually feel in their household budgets will be difficult to fulfill.

Read full story at source

Nathan Ray Seebeck-Imagn Images

Even Todd Bowles has no idea what to expect from Buccaneers at trade deadline appeared first on ClutchPoints. Add ClutchPoints as a Preferred Source by clicking here.

Visit betsport.cv for more information.

On Sunday evening, the Tampa Bay Buccaneers dropped to 3-6 on the season with a tough road loss to the Chicago Bears in primetime. While the Buccaneers put up a good fight and were able to capitalize on several bizarre Chicago mistakes, they ultimately fell just short and squandered an opportunity to move into first place in the wretched NFC South.

The NFL trade deadline is rapidly approaching later this week, and recently, Buccaneers head coach Todd Bowles kept it one hundred percent honest about his thoughts on the team’s approach.

“Bowles said the Bucs will listen to all calls at the trade deadline, both as buyers and sellers, but didn’t have a sense of which, if any, is more likely by Tuesday’s deadline,” reported Greg Auman of FOX Sports on X, formerly Twitter.

Watch sports LIVE with fuboTV (free trial)

The Buccaneers are in an interesting spot as the deadline approaches. On the one hand, the Buccaneers sit three games below the .500 mark on the season, and typically, teams with such a record aren’t necessarily viewed as buyers on the trade market.

On the other hand, Tampa Bay recently knocked off two divisional opponents in blowout fashion and put together a still-impressive performance in Chicago despite the loss, meaning they are very much alive for the division title in the NFC South and could look to capitalize on their newfound momentum by adding some pieces.

In the end, it will likely depend on the kind of offers the Buccaneers’ brass receives for some of their key players that determines what direction Tampa Bay chooses to go in.

In any case, the Buccaneers will next hit the field on November 22 for a game vs the Detroit Lions following a bye week.

Related: How the Buccaneers left Colston Loveland open to blow game vs. Bears

Related: Buccaneers’ Baker Mayfield now on wrong end of multiple opponent 4-interception games

Read full story at source