In partnership with |  |
| Greetings N2K reader! | Pick this week’s winning famous News HaikuTM entry in today’s poll below. And now for something completely different… | —Matt Davis, Need2Know Chedditor | | News You Need2Know | | If you like this newsletter, why not forward it to a friend so they can subscribe here? If you don’t, why not forward to an enemy? Thank you! |
|
| | What’s the stock market up to, eh? | $SPX ( ▼ 1.12% ) $DJI ( ▼ 0.84% ) $NDX ( ▼ 1.9% ) | | Companies mentioned in today’s newsletter | $RATE ( ▼ 0.63% ) $UAL ( ▼ 0.96% ) $LYFT ( ▲ 5.83% ) $IBM ( ▲ 1.84% ) $WBD ( ▼ 1.49% ) | | Americans’ credit card debt hits record $1.23 trillion | | I love credit cards. You get unlimited money and you never have to pay it back. That’s how it works, right? There are no consequences? | Well, household debt in the United States has reached an eye-watering $18.59 trillion, according to recent data from the Federal Reserve Bank of New York. This marks an increase of $197 billion in the third quarter alone and a staggering $4.4 trillion rise since the end of 2019, illustrating how economic challenges, including the pandemic, have impacted borrowing. | Particularly concerning is the record-high student loan debt, which now stands at $1.65 trillion. Nearly 10% of student loans are delinquent, with missed payments from federal loans — paused during the pandemic — now appearing in credit reports. “Student loan delinquencies are at a record high, but auto loan and credit card delinquencies aren’t as high as they were in the middle of 2024,” noted Ted Rossman, senior industry analyst at Bankrate $RATE ( ▼ 0.63% ) , in a research note. | Credit card debt also hit an all-time high, with outstanding balances climbing $24 billion to $1.23 trillion this quarter, up nearly 6% compared to last year. Auto loan balances remained steady at $1.66 trillion. | While researchers at the New York Fed highlight that household finances are “pretty strong” overall, Rossman acknowledged disparities, saying, “The K-shaped economy shows the rich getting richer while the poor get poorer.” | | | Song of the day: Christian Sands, ‘Can’t Find My Way Home.’ |  | Christian Sands - Can’t Find My Way Home (Official Audio) |
|
| A decade ago I drove across Mexico with an aging Pulitzer-winning journalist to go surfing. My life was in something of a mess and we had a fantastic time. He played me Blind Faith’s original version of this song by Steve Winwood, and I couldn’t believe I hadn’t heard it before. It was perfect. Five years later I’d discover this version by pianist Christian Sands, which is one of the best jazz covers of a rock song I’ve ever heard. It’s a slow burn, which is why it took me so long to recommend it. Enjoy. | | Free yourself from advertising forever! | Now you can sign up for an optional ad-free version of Need2Know! Subscribe for just $5 a month, or $50 a year, and you can continue to enjoy this reasonably high-quality newsletter uninterrupted. Bonus: The immense satisfaction that comes from supporting journalism*! | | | ADVERTISEMENT | Find your customers on Roku this Black Friday | | As with any digital ad campaign, the important thing is to reach streaming audiences who will convert. To that end, Roku’s self-service Ads Manager stands ready with powerful segmentation and targeting options. After all, you know your customers, and we know our streaming audience. | Worried it’s too late to spin up new Black Friday creative? With Roku Ads Manager, you can easily import and augment existing creative assets from your social channels. We also have AI-assisted upscaling, so every ad is primed for CTV. | Once you’ve done this, then you can easily set up A/B tests to flight different creative variants and Black Friday offers. If you’re a Shopify brand, you can even run shoppable ads directly on-screen so viewers can purchase with just a click of their Roku remote. | Bonus: we’re gifting you $5K in ad credits when you spend your first $5K on Roku Ads Manager. Just sign up and use code GET5K. Terms apply. | Use code GET5K now | *This counts as journalism, right? | |
|
| FAA to cut air traffic by 10% amid shutdown strain | | It’ll happen at 40 major airports starting Friday. The decision comes as the government shutdown enters its 36th day, the longest in U.S. history. The cutbacks are expected to impact 3,500 to 4,000 flights daily, though specific airports haven't been disclosed yet. | “This is proactive,” Transportation Secretary Sean Duffy explained during a news conference on Wednesday. He acknowledged significant pressure on the U.S. aviation system and expects more cancellations due to reduced flight capacity. “We thought 10% was the right number based on the pressure we were seeing,” he added. | You know what else would be proactive, Sean? Reopening the government. Still… | FAA Administrator Bryan Bedford emphasized the safety aspect of the decision, saying, “As we slice the data more granularly, we are seeing pressures build in a way that we don’t feel, if we allow it to go unchecked, will allow us to continue to tell the public that we operate the safest airline system in the world.” | That’s a long way of saying “don’t get on an airplane.” | Nick Daniels, President of the National Air Traffic Controllers Association, warned, “It could take weeks to recover” from these disruptions. | | | Post of the day: Politics is always surprising | |
|
