Reports from multiple U.S. media outlets said that rising inflationary pressure has left the Americans facing their most severe debt crisis since 2010, the year the country was just emerging from what became known as the Great Recession, with their ability to repay debts declining significantly.
The CBS News cited the recent data from the Federal Reserve Bank of New York as reporting that the share of seriously delinquent auto loan balances has hit a record high this year, while nearly 13 percent of credit card balances are seriously past due, close to their 2010 peak in the aftermath of the housing crisis.
The debt repayment struggles the Americans are experiencing are not limited to this year alone.
Citing a Federal Reserve report released on Friday, CNBC reported that the ability of U.S. families to stay current on their debts worsened over the past three years, hitting the levels not seen since the aftermath of the global financial crisis.
"Families were more likely to be behind on their financial obligations than at any point since the 2010 survey," said the survey in the CNBC report.
The survey is a data-rich document the Fed releases every three years to chronicle the nation's financial health.
According to the new findings, the portion of families behind on loan payments at the end of 2025 soared from about 12 percent in the prior survey to nearly 20 percent. Those behind by two months or more also accelerated considerably, moving to more than 8 percent from 5 percent in 2022, CNBC said.
Americans facing biggest debt pressure after global financial crisis: media
China's foreign trade in yuan-denominated terms expanded 18.8 percent year on year in the first three quarters of this year, official data showed on Wednesday.
Speaking at a press conference in Beijing, Wang Jun, deputy head of the General Administration of Customs (GAC), said China's trade in goods imports and exports totaled 39.94 trillion yuan (about 6 trillion U.S. dollars) from January to September.
"According to customs statistics, in the first three quarters of this year, China's trade in goods imports and exports totaled 39.94 trillion yuan, up 18.8 percent year on year. Among them, exports rose 16.4 percent to 23.2 trillion yuan over the period, while imports climbed 22.3 percent to 16.74 trillion yuan. On a monthly basis, growth remained in double digits for six consecutive months. In September alone, goods trade climbed 27.5 percent from a year earlier to 5.16 trillion yuan, exceeding 5 trillion yuan for the first time," said Wang.
"In the first three quarters, China's equipment manufacturing sector played a prominent leading role, contributing nearly 90 percent of the growth in exports. Intermediary goods accounted for more than half of total export value, effectively serving as an anchor for global industrial and supply chains. Exports moved toward greater intelligence and green development, with integrated circuit exports growing 99.1 percent, while green products such as electric vehicles, lithium batteries, and wind turbine generator sets and their parts grew 72.3 percent, 36.4 percent, and 22.4 percent, respectively," he said.
On the import side, growth has exceeded 20 percent for seven consecutive months since March, a run that culminated in September with monthly imports topping 2 trillion yuan for the first time. Imports grew 5.9 percentage points faster than exports in the first nine months, outpacing exports in trade with more than 110 countries and regions, promoting more balanced trade development, according to the customs data.
"In the first three quarters, the growth rate of foreign trade was the fastest for the same period in nearly five years, with both quarterly and monthly growth rates generally showing an accelerating trend. The driving forces and vitality of China's foreign trade development have continued to accumulate and strengthen, demonstrating notable resilience, and there is a solid foundation and support for continued import and export growth in the fourth quarter," Wang said.
China's foreign trade expands 18.8 pct in first three quarters
