As prime holiday shopping season begins, there is a glimmer of hope for millions of Americans who have been struggling with higher prices and debt obligations. The latest NFCC Consumer Debt Score, which gauges how comfortable average Americans are with their level of unsecured debt, saw a moderate decline to 64 during the third quarter of 2023, a sign that more Americans have been able to create a budget and stick to it.
“For only the second time since pandemic-related stimulus payments allowed many families to pay down existing debt, we saw a small but notable decline in consumer financial distress,” said NFCC CEO Mike Croxson.
The NFCC Consumer Debt Score has a baseline of 50, indicating a medium level of distress among consumers about their ability to repay their debts, particularly credit card debt. Even with a decrease from a score of 66 during the second quarter of 2023, the NFCC Consumer Debt Score has risen by 67 percent since its low in the second quarter of 2021 as many families returned to pre-pandemic routines of shopping, dining out and travel, coupled with record-setting inflation on everyday items such as groceries and gas. This substantial increase highlights a noteworthy change in consumer financial distress over a relatively short period of time.
Click here for more from the gauge.
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
