Credit card debt in America has reached $905 billion dollars, according to a recent NerdWallet survey. Kimberly Palmer, Personal Finance Expert at the company, joins Cheddar to explore some of the reasons behind the increase.
Two categories have outpaced income growth over the past decade: medical expenses and food. Healthcare costs, in fact, have increased by 34% while income has only grown by 20%. She gives some alternatives for how to pay off those expenses without whipping out the credit card.
Plus, people always say you're throwing out money when you rent a home, but how much money are homeowners throwing away in credit card interest? Palmer says that a house may be a great asset, but owners tend to ring up double the amount of credit card interest versus renters when spending on things like upkeep.
Voya Financial CEO Heather Lavallee marks 10 years of Voya Cares, spotlighting research and expanding financial access for Americans with disabilities.
When Treasury Secretary Scott Bessent (above) and Fed chair Jay Powell jointly summon America’s top bankers to a meeting in Washington, you know it’s big.
Kim Crawford Goodman, CEO of Smarsh, breaks down how financial firms are scaling AI while managing compliance, risk, and regulation in a changing landscape.
Elizabeth Renter, Senior Economist at NerdWallet, breaks down how inflation and oil price shocks are driving higher costs and squeezing consumers today.
David Branch of Wells Fargo explains why cocoa prices are falling but some candy costs remain high and when consumers may finally see relief at checkout.
