INDIANAPOLIS (WISH) — Americans rely on their credit cards to get through tough times.
Credit card balances experienced their largest annual increase in more than 20 years in the third quarter.
Those balances were up 15% from a year ago to $93 billion. It shows that consumers have a hard time managing prices that are at least 8% higher.
The real test now begins, to determine whether consumers can continue to make payments with their credit card. Default rates have already started to rise.
Gas-electric hybrid vehicles
Gas-electric hybrids top the list in Consumer Reports’ annual reliability survey. Large pickups and electric vehicles were the worst performers.
Consumer Reports says hybrids are generally time-tested designs with minimal frills, as automakers put faulty electronics in new trucks and electric cars.
Walmart reported a big sales increase for the third quarter, up 8.2%, beating expectations.
One of the reasons why: Wealthier shoppers feeling inflation are turning to Walmart for groceries. Walmart is considered by many to be a measure of consumer spending, especially on groceries, which make up half of its sales.
The hot dog price war between retailers
There’s now a price war between Sam’s Club and Costco over the hot dog-and-soda combo.
It’s always been $1.50 at Costco. The chief executive officer says it will always be that way.
Sam’s Club matched the price until Tuesday. Sam’s Club announced that it has lowered the price of its hot dog and mealtime drink combo to $1.38.
New lower price they say, same great hot dog and drink.
Do you think these won’t sell? Costco sold 122 million hot dog and soda combinations by 2021.