Household debt is on the rise in America! According to a recent Federal Reserve Bank of New York report, credit card balances now surpass pre-pandemic highs and balances on mortgages, auto loans, and student loans all increased. Younger borrowers are especially struggling with credit cards and auto loan payments.
Today is Memorial Day, a time to honor and remember those who have made the ultimate sacrifice while serving in the U.S. armed forces. While typically reserved to honor military service members, Memorial Day is also a time to recognize and support military families as a whole; military spouses, military kids, and extended family who have also made sacrifices to support their military service family members. This year, we wanted to highlight valuable resources that are out there and available to military families, providing them with the support they deserve as well.
The Federal Reserve raised interest rates for the ninth time in March 2023, bringing the federal funds rate to between 4.75% to 5%. Higher Fed rates, designed to combat high inflation, raised interest charged on loans and variable-rate credit cards but also provided an opportunity for savers to earn higher interest on deposits after more than a decade of low-interest rates.
In 2021, 33.8 million people living in the United States were food insecure (Weeks et al, 2023). Food security is defined by the USDA as, “Access at all times to enough food for an active, healthy life for all household members” (OPA). Frequent relocations, barriers to spousal employment, and the Basic Allowance for Housing being factored into SNAP eligibility compounds the issue of food security for military families. As a result, one in four service members currently experience food insecurity (OPA).
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2023-48770-41333.
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