Financial Challenges in 2023

What financial challenges have contributed to the record-breaking credit card debt in the U.S. in 2023?

• Increased savings and lower spending

• Decreased interest rates and deflation

• Higher interest rates and inflation

• Stable banking systems and low unemployment

What was the average credit card interest rate in 2023?

• 15.5%

• 18.5%

• 22.5%

• 20.5%

How much extra in interest payments are people expected to give to credit card companies compared to the previous year?

• $50 billion

• $30 billion

• $40 billion

• $20 billion

What has driven the high car loan balances in 2023?

• Decrease in car prices

• Lower interest rates on car loans

• Increase in car prices

• Higher number of new car loans

What economic concern might experts watch closely due to rising household debt?

• Growth in GDP

• Rates of delinquency

• Decrease in unemployment

• Increase in savings rates