Credit Card debt is a growing concern

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why credit card debt is becoming an even bigger concern.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Stocks experienced a minor pullback one day after the S&P 500 and the Dow set fresh record

00:10highs.

00:11Most of the angst came from semiconductors after somber comments from chip equipment

00:15maker ASML.

00:16On the earnings calendar for Wednesday, Morgan Stanley and transportation company CSX.

00:24In other news, Americans are feeling less anxious when it comes to job security.

00:29They're less worried inflation will continue at breakneck speed and they aren't too concerned

00:34about their spending power compared to the pre-pandemic days.

00:38But what they are worried about is credit card debt.

00:42According to a survey released by the New York Federal Reserve, the number of Americans

00:46who live in fear of missing a credit card payment jumped to its highest since the early

00:51days of the pandemic.

00:53Those who think they might miss a minimum payment in the next 90 days rose to 14.2 percent

00:59in September from 13.6 percent in August.

01:03There are two notable things which stand out.

01:05Number one, the age group most worried about missing a payment is the one in its peak earnings

01:11years, 40 to 60 year olds.

01:14Number two, the income level where the worries have increased the most was on the high end.

01:19Americans with annual household incomes above $100,000.

01:24Americans had $1.14 trillion in credit card debt to juggle as of the end of the second

01:30quarter.

01:31Lenders have taken notice.

01:32Third quarter results from the nation's banks show the industry is stashing away even more

01:37cash to cover loans that could go bad, even though times are good with a healthy labor

01:42market and interest rates on the decline.

01:46That'll do it for your daily briefing from the New York Stock Exchange.

01:48I'm Conway Gittins with the Street.

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