Your Cheddar hosts Kristen Scholer and Tim Stenovec discuss the latest news in personal finance, business, and the markets.
Not paying your car loan could now land you in jail. According to a new report from the American Civil Liberties Union, some people are being jailed for their unpaid bills. Private debt collectors are partnering with some local courts and prosecutors to use the criminal justice system to force repayments. The report says they are using arrests and jailing even when the debts are in dispute or when the debtor has no ability to repay.
Plus, your money isn't going quite as far as it used to. The consumer price index has increased .5% on the month and 2.1% on the year. Why? Experts say inflation is partial to blame, which means price increases for food, gas, utilities, cars, etc.
Chair Jerome Powell says the Federal Reserve only expects to cut rates once in 2024. But at least, as one economist says, ‘rate hikes are off the table.’
With the Fed likely set to leave rates unchanged, lower and middle income Americans will continue dealing with higher credit card interest and expenses.
Markets soared in May after Nvidia’s Q1 success, but concerns over slowing consumer spending, especially among middle—and lower-income groups, loom large.
