Welcome to the Weekly Credit Loan Report. We’ll have a new infographic with accompanying blog post for you every week, detailing changes in the stock market and up-to-date info on national and consumer finances.
The national annual percentage rate on credit cards remained steady last week at 14.96%. Americans currently save about 5% of their earned income, and they’ve been able to pay off household debt in amounts that have created an 8.6% rate of decline in total debt since 2008. In comparison, the United States accrues an extra $4 billion in debt every single day--$2.63 million per minute. This explains the current level of total national debt, at $14.8 trillion and growing. At this pace, the country will be in an additional $4.2 trillion of debt, totaling $19 trillion by the year 2015.
How did we get so far in the hole? The 111th Congress increased our national debt by more than the 1st through 100th Congresses all together, sinking the most money by far into Health & Human Services ($850 billion) and the Department of Defense ($720 billion) in 2010.
While less than one-quarter of Americans feel they’d need at least $1 million to retire securely, nearly a third say they’d want between $100,000 and $500,000. If they had $1 million, what would they do with it? The most popular answers are investment and savings (31%), giving to family (17%) and spending (14%).
Stocks favored technology giant Apple Inc. (AAPL), which grew to reach share prices of 404.36 last week. Coming in at #2 for growth was Barrick Gold Corp. (ABX) at nearly 1/10th of the price--46.98. At barely more than half of Barrick in the #3 spot was Adobe Systems Inc. (ADBE) at 24.81. Associated Estates Realty Corp. (AEC) had a price of 15.64, and Alliance Holdings Group LP (AHGP) grew to 43.78 per share.
See you next week for updated credit, debt, loans and stock information.