Debt ceiling crisis threatens U.S. households and government programs.
TL;DR Summary
American households are nearing a "breaking point" due to high inflation and record-high interest rates, with the average credit card balance just $2,015 shy of becoming unsustainable, according to a study by WalletHub. More than one-third of households now have more credit card debt than emergency savings, the highest on record. Experts recommend starting with a budget and aiming to set more money aside in an emergency fund to avoid accumulating more debt while working to pay off existing balances. Competitive rates at online banks can also protect cash cushions.
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- Fed Pay and Benefits Could be Hit Hard by Debt Ceiling Wheeling and Dealing GovExec.com
- Debt ceiling woes point to need for Social Security, Medicare reform, experts say CNBC
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