Steven Rattner, who negotiated concessions with the UAW to help keep General Motors and Chrysler afloat in 2009, says union workers deserve significant raises but can’t make the automakers uncompetitive.
By Elizabeth Renter | NerdWallet
The Federal Reserve has been on an inflation reduction campaign for about 19 months, influencing higher interest rates across the economy. The interest rate that could be affecting the greatest share of households is costly, and one they might have overlooked.
Ask someone what their mortgage rate is and they’ll probably be able to tell you. Ask them for the interest rate on one of their credit cards and prepare for a blank stare. But as of the second quarter, we collectively carry more than $1 trillion in credit card debt across some 578 million credit card accounts, according to data from the New York Fed. And the share of American households carrying a credit card balance — about 47%, according to an early 2023 NerdWallet analysis — surpasses that of mortgages (40%) and auto loans (41%).
Average interest rates charged on credit card accounts have risen from just over 16% in February 2022, before the Fed began raising rates, to just over 22% as of May 2023. And if you carry a balance from one month to the next, this quiet increase could be costing you hundreds or even thousands of dollars.
If the strike against ZF forces vehicle assembly to be shut down or reduced at Mercedes, it would create a historic situation in which UAW actions caused production to be impacted at four automakers simultaneously.
LeTourneau is succeeding Mark Bowser, who will retire at the end of 2023.
There’s a personal debt crisis coming. I see it in the posts on the “AskTerry “ section of my website, TerrySavage.com. These stories go beyond the frightening national statistics to reveal the human costs. Especially for seniors.
Americans are now carrying more than $1 trillion in credit card debt — a new record. And the average interest rate they’re paying is just over 21%.
That’s a horrendous burden — especially for those who are retired on a fixed income and charging more each month just to pay for essentials. Here’s what it looks like — directly from an AskTerry post this week:
“I’m 71 and retired. Through my working years I had no problem paying my creditors. Now being on a limited income, I am under great financial stress that is affecting my emotional health. I know I have made some bad financial decisions in my life. My 401(k) is now depleted and I’m living on Social Security and a very small pension. I just don’t know what to do. I don’t think I can even afford a credit repayment program. I’m considering bankruptcy. Any suggestions you can give me are greatly appreciated. This stress is making me ill.”