US household debt hits a record $19.1 trillion as card balances reach $1.29 trillion and home-equity borrowing jumps the most since 2005

The stories

25 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   US household debt hits a record $19.1 trillion as card balances reach $1.29 trillion and home-equity borrowing jumps the most since 2005

   $19.1 trillion

   owed by US households at the end of September, a record

   up $334 billion in three months [3]

   $1.29 trillion

   owed on US credit cards, a record

   4.2% more than a year earlier [1]

   $23 billion

   more borrowed against homes in three months

   the biggest rise since 2005 [2]

   42.3%

   of new card accounts given to below-prime borrowers

   up from 40.6% a year earlier [4]

   What happened

   • US households owed a record $19.1 trillion at the end of September, the New York Fed said on Tuesday. [1]
   • Balances on credit cards rose $22 billion in three months, to a record $1.29 trillion. [1]
   • Balances on home-equity lines, loans against a house, rose $23 billion, the biggest jump since 2005. [2]
   • Total household debt grew $334 billion in the quarter, 1.8% more than three months before. [3]
   • At the end of June it stood at $18.8 trillion. [6]
   • Card balances are 4.2% higher than a year ago. [1]
   • The average card holder owes $6,678, up 2.4% in a year, TransUnion found. [1]
   • A home-equity line is a loan backed by the value of the borrower's home. [5]
   • Balances on these lines reached $481 billion, the 18th rise in a row. [2]
   • They peaked at about $714 billion in early 2009. [2]
   • The average rate on a home-equity line is 7.49%. [2] A new card offer averages about 24%. [1]
   • Serious late payments on home-equity lines sit near 1%. [5]
   • Just under half of US mortgages, 49.1%, carried rates of 4% or less in April to June. [2]
   • A new 30-year fixed mortgage cost about 7.3% on Tuesday. [2]
   • So owners borrow against the house rather than move and lose a cheap rate. [2]
   • Fed researchers say this borrowing seems to come from strength, not stress, unlike in 2005. [5]
   • Card holders falling behind rose sharply from 2022 to 2024. [3]
   • The rise was steepest in lower-income areas, and the gap with richer areas has widened. [3]
   • New York Fed researchers say prices have outpaced pay for low-income households. [1]
   • About 40% of Americans have little or no money left each month after tax and basic bills. [5]
   • In the pandemic, card companies gave more new cards to people in the poorest quarter of areas. [3]
   • That share rose by nearly 2 percentage points and stayed high until 2023. [3]
   • The typical credit score on a new card fell from 699 before the pandemic to 688. [3]
   • Cards opened from 2020 to 2022 then made up a large share of new late payments. [3]
   • Cards opened since early 2023 have mostly gone to people with higher scores. [3]
   • Card companies are giving a growing share of new accounts to riskier borrowers, TransUnion said on 5 November. [4]
   • Below prime means a credit score of 660 or less. [4] Of new card accounts, 42.3% went to them, up from 40.6%. [4]
   • Card balances 90 days or more behind still fell, to 1.99% from 2.05%. [4]
   • TransUnion says lenders kept losses down with smaller credit limits and rate changes for riskier borrowers. [4]

   Home-equity line7.49% a year

   New credit card24% a year

   Who is involved

   The report comes from the Federal Reserve Bank of New York every three months. [3] The Federal Reserve is the US central bank. [8]

   TransUnion, which reports on Americans' credit, counted 263 million people using credit. [4]

   • Lower-income areas falling behind most
   • Higher-income areas falling behind least
   • The Federal Reserve Bank of New York a branch of the Federal Reserve, the US central bank; it publishes the household debt report every three months
   • TransUnion a company that reports on Americans' credit; it says lenders are again lending more to riskier borrowers
   • Card holders in lower-income areas the borrowers falling behind most, many given cards in the pandemic

   How it unfolded

   1. 2020 to 2022 more new cards go to the poorest areas [3]
   2. 2023 to 2024 those cards fall behind
   3. This week debt report out
   4. 8-9 Dec central bank meets
   5. Early 2009 home-equity borrowing peaks near $714 billion [2]
   6. 2022 to 2024 late card payments rise sharply [3]
   7. End of June household debt at $18.8 trillion [6]
   8. End of September debt reaches a record $19.1 trillion [1]

   Why it matters

   Owners with cheap mortgages can borrow against their homes at 7.49%. [2]

   Cards are easier to get than other loans, so many households lean on them at about 24%. [1]

   Home-equity lines usually carry rates that follow the US central bank's moves, so a rise reaches those borrowers. [2]

   How it works

   Credit analysts call loans opened in the same years a vintage, and follow each batch's late payments. [3]

   Pandemic help kept late payments low and lifted credit scores. [3] Lenders appear to have eased their checks, giving more cards to riskier people. [3]

   Seen it before

   You keep lending a classmate lunch money because they always paid back, then their pocket money stops.

   The truth

   • What is really going on Homeowners with cheap mortgages are borrowing against their houses at 7.49%, and Fed researchers say mostly from strength. [2][5]Card holders in poorer areas, many given cards in the pandemic years, are the ones falling behind. [3]
   • Why it works on people A total of $19.1 trillion is too big to picture. [1] The split by income and by home ownership is where the strain shows. [3]
   • TransUnion says lending to riskier borrowers is working because late payments fell. [4] The New York Fed expects improvement only if the economy avoids a shock. [3]
   • Who gains Homeowners with mortgages at 4% or less — A home-equity line lets them borrow without giving up the cheap rate on their home. [2]
   • Who gains Card lenders — They charge riskier borrowers different rates and smaller limits, and their write-offs have stayed flat so far. [4]
   • Who pays Card holders in lower-income areas — Prices have outpaced their pay, so less is left each month for the card bill. [1]
   • Nobody knows yet

     Whether the pandemic batch of cards has finished going bad.

     The New York Fed expects improvement only if the economy avoids a shock, and the US central bank has signalled a rate rise in December. [3][5]

   Good news

   • Late payments on student loans have eased, after fears of a wave of defaults when federal help was reversed. [5]

   What comes next

   The US central bank meets on 8 and 9 December, and has signalled a rate rise. [5]

1. 02

   US power, flights and medicine cost more

   What happened

   • US electricity prices rose nearly 1% in October alone. [5]
   • Airline tickets cost about 27.8% more than a year earlier, by the New York Times's estimate. [5]
   • Medicines and medical supplies rose 0.5% in the month. [5]
   • Car insurance also rose, while used cars and communication costs fell. [7]
   • Economists named the Iran war, AI, import taxes and housing among the causes. [8]

   Why it matters

   Average hourly pay rose 3.1% in a year, while prices rose about 4%. [5]

   It was the seventh month running that prices rose faster than pay. [5]

   The figures came a week after US midterm elections fought over the cost of living. [9]

   How it works

   Economists call pay measured by what it can buy real pay.

   With pay up 3.1% and prices up about 4%, the same job buys a little less than a year ago. [5]

   Seen it before

   Your pocket money goes up a little, but sweets go up more, so you buy fewer.

   The truth

   • The statistics office could not publish yearly changes, because a 2025 shutdown stopped its October survey. [7] The 4% is the newspaper's own estimate. [5]
   • Nobody knows yet

     How much US prices really rose in the year to October.

     The statistics office could not publish a yearly figure after the 2025 shutdown, and the New York Times says its own 4% estimate may be slightly too high. [7][5]

2. 03

   Who the US food-aid rule would cut

   What happened

   • A rule proposed by the US farm department this week targets families on TANF, a cash-help scheme. [10]
   • Today those families get SNAP food aid without meeting SNAP's own income limit. [10]
   • TANF limits are generally 130% to 200% of the US poverty line, depending on the state. [10]
   • SNAP's own limit is generally 130% of the poverty line. [10]
   • So a TANF family earning above SNAP's own line could lose its food aid. [10]
   • More than 5.5 million people have already lost SNAP since a July 2025 law, leaving about 36 million. [10]

   Why it matters

   The farm department estimates 6.3 million people, nearly 18% of everyone on SNAP, would lose benefits. [10]

   The truth

   • The department says the change keeps benefits for 'the truly needy'. [10] Representative Angie Craig called it 'heartless and cruel'. [10]
   • Nobody knows yet

     Whether the US food-aid rule takes effect as written.

     It is a proposal open to 30 days of comment, and the 6.3 million figure is the farm department's own estimate. [10]

   What comes next

   The public has 30 days to comment on the rule. [10]

3. 04

   Nebraska's Medicaid work rule trips the sick

   What happened

   • Nebraska began Medicaid work rules on 1 May, eight months before most US states. [11]
   • About 70,000 adults there must prove 80 hours a month of work or similar activity. [11]
   • By early July, most work-rule refusals for new applicants came from paperwork not sent in. [11]
   • Eli McCreary, then 64, was told he had lost cover soon after a kidney cancer diagnosis. [11]
   • Lawyers say his drug treatment and illness should have exempted him. [11]

   Who is involved

   Medicaid is US government health cover for people on low incomes or with disabilities. [11]

   • Eli McCreary told he had lost cover

   How it unfolded

   1. 1 May Nebraska starts
   2. January most other states start

   Why it matters

   Next year the rules reach millions of adults in more than 40 states. [11]

   The US Congress's budget office expects 5.3 million more Americans without health cover by 2034. [11]

   How it works

   Public policy scholars call the forms, calls and checks needed to keep a benefit an administrative burden.

   The rule makes people prove their hours, so a missed form can end cover, whether or not someone works. [11]

   Seen it before

   A club that drops anyone who forgets to sign a register drops some who came every week.

   The truth

   • The state says 93% of existing members kept their cover. [11] Clinics say training and staff were too thin. [11]
   • Who gains Nebraska's Medicaid contractors — The state listed $8.2 million in contractor costs over two years to run its Medicaid changes. [11]
   • Who pays Nebraskans on Medicaid who miss a form — Most work-rule refusals for applicants came from paperwork not sent in, so a missed form can cost their cover. [11]
   • Nobody knows yet

     How many Nebraskans lost Medicaid they were entitled to.

     The state says 93% of existing members kept cover, but its data may not catch cases like Eli McCreary's, and it has no record of his call for help. [11]

   What comes next

   Democrats plan to repeal the change in January, but President Trump could veto it. [11]

4. 05

   Australia's tax lines hit low earners hardest

   What happened

   • Australians on about $45,000 a year will lose the most to bracket creep over a decade, new research says. [12]
   • Their average tax rate would rise 5.1 points, from 10.8% to 15.9%. [13]
   • That would take 56% of their after-inflation pay rises by the mid-2030s. [13]
   • People on $190,000 would lose 65% of theirs as they move into the 45% top rate. [13]

   Who is involved

   The e61 Institute, a think tank, and economist Richard Holden did the analysis. [12]

   • e61 Institute a think tank
   • Richard Holden an economist

   Why it matters

   The opposition leader, Angus Taylor, promises to tie tax bands to prices, step by step. [13]

   How it works

   Tax economists call it bracket creep: tax bands stay fixed while pay rises with prices. [12]

   Someone on $45,000 is near where the 30% rate starts, so each pay rise lands there. [13]

   Seen it before

   Shoes that fit this year pinch next year, because your feet grow and the shoes do not.

   The truth

   • The research assumes no tax cuts for ten years. [12] Governments usually hand some creep back with cuts, often before elections. [12]
   • Who gains Australia's federal budget — Bracket creep raises more tax as pay rises without any new law, and its surplus plans rely on that. [12]
   • Who pays Australians earning about A$45,000 — Their pay rises push more of their income into the 30% band, so they keep less of each rise. [13]
   • Nobody knows yet

     Whether Australia will index its tax bands.

     The opposition promises it, but economist Saul Eslake doubts spending could be cut to pay for it. [12]

1. 06

   Rate rises shrink what Australians can borrow

   What happened

   • House values across Australia's capital cities have fallen 5.9% since the end of January. [14]
   • Units, mostly flats, fell less, by 3.6%. [14]
   • The median house is worth about $1.1 million, against $739,000 for a unit. [14]
   • After the latest rate rise, someone on the average full-time wage of $108,650 can borrow over $58,000 less. [14]
   • A couple on two average wages can borrow nearly $117,000 less. [14]

   Why it matters

   So buyers are switching from houses to cheaper units, which props up unit prices. [14]

   How it works

   Lenders call it serviceability: whether a buyer's pay can meet the repayments. [14]

   A higher rate makes each repayment bigger, so the same pay covers a smaller loan. [14]

   Seen it before

   With the same pocket money, a dearer bus fare leaves less for snacks.

   Why loans made in easy years go bad in hard ones

   Bankers call it the credit cycle: after calm years with few late payments, lenders lend to riskier people, whose loans fall behind when times turn.

   The twist

   Lenders judge risk by how many borrowers fell behind lately. In the pandemic, government help kept that number low, so lenders gave cards to riskier people, and those cards fell behind most once the help ended.

   The picture

   Typical credit score

   Cards opened 2017 to 2019699

   Cards opened 2020 to 2022688

   Step by step

   1. 1 A few years pass with few missed payments
   2. 2 Lenders read that as low risk
   3. 3 They lend to weaker borrowers
   4. 4 Prices and rates rise
   5. 5 Those newest, weakest loans fall behind first

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • A Serbian bank's collapse strands Russian savers

     families kept savings above the insured limit in Alta because it had run like clockwork and everyone recommended it, until its licence was revoked.

   • David Jones to shut half its stores

     Holster kept shipping shoes on credit because David Jones had paid on time for 15 years, then two shipments went unpaid.

   • Rate rises shrink what Australians can borrow

     the cycle's other half: once rates rise, banks lend each buyer less, over $58,000 less on an average wage.

   Where you've seen this

   The US housing bubble

   home-equity borrowing peaked near $714 billion in 2009, after years of easy lending.

   Lending to a friend

   you lend again because they paid back last time, when their job was safe.

   Home insurance

   after a few calm years insurers cover riskier homes, and then a storm season arrives.

   The catch

   Easy lending is not always a mistake: the New York Fed says cards opened since early 2023 went mostly to higher scores, and the pandemic batch is fading.

   And the whole of it

   The bank that offered a card in 2021 and the person who took it were both looking at the same calm years. Some families now paying about 24% on those cards are paying for a choice both sides made when the record showed only good years.

   The truth

   • India, 27, a first home buyer in Newcastle, says: 'Every time that rates go up, our borrowing capacity changes.' [14]
   • Who gains Sellers of Australian units — Buyers who can borrow less are switching from houses, which holds up unit prices. [14]

1. 07

   A Serbian bank's collapse strands Russian savers

   What happened

   • Serbia revoked the licence of Alta Bank on 31 October. [15]
   • Many Russians who had moved to Serbia kept all their savings there. [15]
   • More than 100 Russian business owners used Alta, by a map from the rights group Kovcheg. [15]
   • Serbia's deposit insurance agency says it will start paying as early as 13 November. [15]
   • It pays any one customer at most 50,000 euros. [15]
   • A mother of four, 48, says her family's life savings were above that limit. [15]

   Who is involved

   • A mother of four savings above the limit

   How it unfolded

   1. 31 Oct licence revoked
   2. 13 Nov payouts begin

   Why it matters

   Families with money for rent, school fees or a visa application cannot reach it until the payout. [15]

   How it works

   Bankers call it deposit insurance: a state fund repays savers when a bank fails, up to a limit. [15]

   The limit is per customer, so anything above 50,000 euros in Alta is not covered. [15]

   Seen it before

   A trip fund that refunds each family up to a set amount leaves the family that paid most short.

   families kept savings above the insured limit in Alta because it had run like clockwork and everyone recommended it, until its licence was revoked.

   The idea, in story 06: Why loans made in easy years go bad in hard ones →

   The truth

   • Customers say they heard of the closure on social media, with no notice from the bank. [15]
   • Nobody knows yet

     What Alta Bank savers above 50,000 euros will get back.

     Deposit insurance covers only the first 50,000 euros a customer, and the agency says payouts could begin as early as 13 November. [15]

2. 08

   David Jones gift cards still work as stores close

   What happened

   • David Jones gift cards can still be used, but no new ones are sold, a document sent to suppliers says. [16]
   • Gift card holders are being sent to an online form to register a claim. [16]
   • Half its stores will close after Christmas, under the receivers' plan to keep the business going. [16]
   • The closures are expected to cost thousands of its roughly 6,000 jobs. [16]
   • Hundreds of suppliers are unpaid, and their first creditors' meeting is on 17 November. [16]

   Who is involved

   David Jones is an Australian department store chain founded in 1838. [17]

   Why it matters

   Holster, a shoe brand, is owed $130,000, after two of its shipments from June and July went unpaid. [17]

   How it works

   Business calls goods supplied now and paid for later trade credit.

   Months before it collapsed, David Jones asked suppliers to wait 90 or 120 days to be paid. [16]

   Seen it before

   A friend asks to pay you back next week, then next month, and then cannot.

   Holster kept shipping shoes on credit because David Jones had paid on time for 15 years, then two shipments went unpaid.

   The idea, in story 06: Why loans made in easy years go bad in hard ones →

   The truth

   • Its owners met insolvency experts in July, creditor papers show. [16] In April the owners had called the business debt-lean. [16]
   • Who pays David Jones suppliers — They shipped goods on credit and must now file claims with the administrators to be paid anything. [16]
   • Nobody knows yet

     Whether David Jones gift cards stay usable.

     Stores trade under updated policies for now, and the document says customers will be told if those change. [16]

3. 09

   Poundland gets a little more time

   What happened

   • Poundland's owners released £10 million, which may delay the discount chain's collapse, BBC sources say. [18]
   • The chain has 600 shops and 11,000 staff. [18]
   • That left managers unable to restock shelves before Christmas. [18]

   Who is involved

   Its owner, Gordon Brothers, an investment firm, had frozen about £50 million. [18]

   • Gordon Brothers investment firm, Poundland's owner

   How it unfolded

   Gordon Brothers bought the chain for £1 last year, and denies trying to profit from a break-up. [18]

   1. Wed MPs question the owners
   2. Thu creditor shield ends

   Why it matters

   Poundstretcher, Tesco and B&M are interested in some shops, which could keep some staff in work. [18]

   How it works

   Insolvency law calls a pause that stops creditors acting a moratorium. [18]

   Poundland's 10-day moratorium can be extended if a solvent deal looks possible. [18]

   Seen it before

   A teacher gives extra time on a test only if you are clearly close to finishing.

   The truth

   • Poundland's boss says like-for-like sales rose 11.4%. [18] The owners call the chain vulnerable to any downturn. [18]
   • Nobody knows yet

     Whether Poundland survives as one chain.

     Its shield from creditors ends on Thursday, and its boss and its owners describe the business in opposite terms. [18]

   What comes next

   MPs question the owners on Wednesday, and the shield from creditors ends on Thursday. [18]

4. 10

   When a big store shuts, its neighbours suffer

   What happened

   • Shops near a closed Walmart lost about a quarter of their visits and sales, marketing researchers found. [19]
   • The researchers studied 39 Walmart closures across 20 states from 2019 to 2026. [19]
   • Nearby sales fell about 5% in month 1, 6% in month 2 and 17% by month 9. [19]
   • By month 12, a year after a closure, the fall reached about 20%. [19]

   Who is involved

   Walmart is a giant US store chain selling groceries and household goods. [19]

   Why it matters

   Restaurants, pharmacies and salons near the store lose people who came for the big shop. [19]

   How it works

   Economists call it an agglomeration effect: shops gain from being near each other. [19]

   A trip to Walmart often meant a stop next door, so when it closed, fewer people came at all. [19]

   Seen it before

   The sweet shop by a school gets few customers in the summer holidays, when nobody walks past.

   The truth

   • Grocery shops and well-known brands nearby did better than other neighbours, the study found. [19]
5. 11

   Wales offers £250 to homes off the gas grid

   What happened

   • Up to 20,000 Welsh homes heated by oil or liquid gas could get £250, the Welsh government said. [20]
   • The homes must also get council tax reduction, a discount based on income. [20]
   • The £250 payments cost £5 million of a new £130 million package. [20]
   • The package also gives the £100 energy payment to every home on council tax relief, whatever its band. [20]
   • It adds £7 million to help bus companies hold fares down. [20]

   How it unfolded

   England gave a £100 payment only to council taxpayers in bands A to D in October. [20]

   Why it matters

   The Welsh government points to the coming winter and the war in the Middle East. [20]

   The truth

   • The Welsh government says the UK government must 'play its part'. [20]

   Good news

   • Up to 20,000 homes in Wales that heat with oil or liquid gas can get £250 this winter.
6. 12

   Northern Ireland passes holiday meal payments

   What happened

   • Northern Ireland's assembly passed a law to pay families for food in the school holidays. [21]
   • It covers families whose children get free school meals. [21]
   • Members backed it by 49 votes to 24 on Tuesday night. [21]
   • Education Minister Paul Givan warned it would cost £20 million to £30 million a year. [21]

   Who is involved

   Assembly member Danny Baker of Sinn Fein proposed it. [21]

   • Danny Baker Sinn Fein, proposed the law

   Why it matters

   He says it will force cuts elsewhere in his department. [21]

   Danny Baker said: 'When children are returning to school hungry, then they're not learning.' [21]

   How it works

   Public finance calls a promise passed with no money set aside an unfunded commitment.

   The law passed with no separate funding, so the department must find the money from its own budget. [21]

   Seen it before

   Promising cake to the whole class before anyone has worked out who buys it.

   The truth

   • The UUP leader, Jon Burrows, says nothing ensures the money is spent on children's meals. [21]

   Good news

   • Northern Ireland's assembly voted 49 to 24 to pay families on free school meals for food in the school holidays.
7. 13

   New York gives nonprofits first chance to buy

   What happened

   • New York City's mayor, Zohran Mamdani, signed a law called COPA on Tuesday. [22]
   • It gives approved nonprofits the first chance to buy certain run-down apartment buildings. [22]
   • Groups get 20 days to say they want to buy, then 70 days to make an offer. [22]
   • It covers buildings of four or more homes with many safety violations or rent limits. [22]
   • The law starts in a year, after the city writes its rules. [22]
   • It came too late for 38 buildings with 850 mostly rent-limited flats, now at auction. [22]

   How it unfolded

   1. 20 days say they want to buy
   2. 70 days make an offer

   Why it matters

   Tenants there had hoped a housing group backed by the city would buy and fix them. [22]

   How it works

   Property law calls a chance to buy before anyone else a right of first refusal.

   Owners must tell the city before selling, and nonprofits can match any later offer. [22]

   Seen it before

   A friend says you can buy their old bike before they put it online.

   The truth

   • The lenders turned down a $68 million bid and a $110 million offer for the 38 buildings. [22]
   • Who gains Housing nonprofits in New York City — COPA gives them notice of sales and the right to match a later offer on run-down buildings. [22]
8. 14

   New York records hint at more home theft

   What happened

   • In 2025, 34.5% of New York City homes sold by people to companies had mismatched owner records. [23]
   • The share was 26.8% in 2021, NYU's Furman Center found. [23]
   • A mismatch means the seller on the new deed is not the buyer on the old one. [23]
   • It can be innocent, but it can also signal deed theft. [23]
   • Days earlier, Victor Quimis became the first person convicted under New York's deed theft law. [23]
   • He forged the signature of a widow in hospice care, then borrowed $552,500 against her home. [23]

   Why it matters

   About 2,300 homes are at high risk because an owner has died and the deed is old or missing. [23]

   How it works

   Housing lawyers call a home whose legal owner is unclear a tangled title.

   When an owner dies and the deed is never updated, heirs struggle to prove their right. [23] They can then fall behind on bills. [23]

   Seen it before

   A bike with no name on it is easier for someone else to claim.

   The truth

   • The study counts warning signs in records, not proven thefts. [23]
   • Nobody knows yet

     How many of New York's mismatched deeds are thefts.

     The Furman Center counts warning signs, and mismatches also come from legal deals such as foreclosures. [23]

9. 15

   Poor credit costs US drivers more than a crash

   What happened

   • US drivers with poor credit saw full-cover car insurance rise 37.7% in three years, NerdWallet's yearly report found. [24]
   • Their median price rose from $2,864 a year in January 2023 to $3,944 in January 2026. [24]
   • That is $1,081 more a year. [24] The same driver with good credit paid $576 more. [24]
   • Their rises were steeper than for good-credit drivers who crashed or drove drunk. [24]

   Why it matters

   California, Hawaii and Massachusetts ban insurers from using credit to set car insurance prices. [24]

   How it works

   Insurers use a credit-based insurance score, a credit score weighted to predict claims. [24]

   Insurers say lower scores predict more claims, so they charge more even with a clean record. [24]

   Seen it before

   A shop asks a bigger deposit from customers who paid late somewhere else, even if never there.

   The truth

   • Critics say the practice hurts low-income and minority drivers most. [24] A 2007 US government report found the scores predict risk. [24]
   • Who pays US drivers with poor credit — Insurers price them as more likely to claim, so they pay more even with a clean record. [24]
10. 16

    EU border system logs Britons as overstayers

    What happened

    • Some UK travellers are wrongly shown as overstaying in Europe by the EU's new entry and exit system. [26]
    • Britons may spend 90 days in any 180 in Schengen countries such as France, Portugal and Spain. [25]
    • The author Jojo Moyes had spent 23 days there in six months. [25]
    • Her exit from Portugal in May had not been logged. [25]
    • She was warned of a €10,000 fine and a two-year ban if she tried to re-enter. [25]
    • Dozens of readers have told the consumer group Which? of similar errors. [25]

    Who is involved

    • Jojo Moyes author, stopped at Marseille

    Why it matters

    Portugal's data office told Which? that a fix needs a lawyer-certified passport copy and proof of exit. [25]

    Moyes has hired an immigration lawyer, and says not everyone can afford one. [25]

    The truth

    • The UK Foreign Office says it is raising the errors with the European Commission. [26] The Commission had not answered Which?. [25]
11. 17

    Skims offers refunds on a $148 advent calendar

    What happened

    • Skims, Kim Kardashian's clothing company, is offering refunds on its $148 advent calendar. [27]
    • Buyers mocked its hair clips and keychains on social media. [27]
    • Skims says it contacted every customer to offer a full refund or credit. [27]

    Who is involved

    Skims was valued at $5 billion in 2025. [27]

    Why it matters

    A Mintel researcher links such backlashes to unboxing videos on social media. [27]

    How it works

    Economists call goods you can judge only after buying experience goods.

    An advent calendar is paid for sealed, so buyers learn its value only when they open it. [27]

    Seen it before

    A mystery bag of sweets can hold your favourites or the ones nobody wants.

12. 18

    South Africa's jobless rate rises to 33.7%

    What happened

    • South Africa's unemployment rate rose to 33.7% in July to September, Statistics South Africa said on Tuesday. [28]
    • Jobs grew by 101,000 to 16.8 million. [28]
    • But the jobless also rose, by 97,000 to 8.6 million. [28]
    • Formal jobs rose by 268,000, while informal work fell by 98,000. [28]
    • Private households lost 68,000 jobs. [28]

    Why it matters

    Youth unemployment is 47.3%, with about five million people aged 15 to 34 out of work. [28]

    How it works

    Labour economists count as unemployed only people looking for work who have none.

    The number looking for work grew by 198,000, faster than jobs, so the rate rose. [28]

    Seen it before

    A queue for a ride grows if more people join than the ride can take, even when it speeds up.

    The truth

    • Youth unemployment dipped 0.1 points, but not because more young people found work. [28] Youth jobs fell by 5,000. [28]

    Good news

    • South Africa's formal sector added 268,000 jobs between July and September.
13. 19

    A South African food basket outruns the minimum wage

    What happened

    • A tracked basket of household food cost R5,488 in September, a Pietermaritzburg community group found. [29]
    • The national minimum wage was R5,078. [29] So the basket cost more than a full minimum wage. [29]
    • A separate report put a monitored food basket at R5,512.53 in October. [29]
    • About a third of township residents surveyed belong to a stokvel, a group savings scheme. [29]

    Who is involved

    The group is the Pietermaritzburg Economic Justice and Dignity Group. [29]

    Why it matters

    South Africa's biggest shopping season starts in November, often the tightest stretch for budgets. [29]

    How it works

    Economists call groups that pool savings and pay out in turn rotating savings groups.

    Stokvel members save together ahead of the season, and many spend the money in December. [29] One wholesaler served three times its usual stokvel customers. [29]

    Seen it before

    Friends who each put a little in a jar every week can buy one big present together.

    The truth

    • The group's warning that prices will keep rising is a projection, not a measured figure. [29]
14. 20

    UK shoppers stock up after 'Be Ready'

    What happened

    • UK sales of hand gel rose 83% and bottled water 67% after the government's 'Be Ready' campaign. [30]
    • Tinned and jarred food sales climbed 37% in the 10 days after its 22 October launch. [30]
    • The campaign asks households to keep three days of food and water. [30] It also suggests wet wipes, a torch and cash. [30]

    Who is involved

    Fraser McKevitt of Worldpanel, a retail research firm, said: 'This wasn't panic buying.' [30]

    Why it matters

    Fewer than a third of households bought bottled water in October. [30]

    Growth came from more people adding the listed items to their weekly shop. [30]

    The truth

    • The typical tin of meat bought stayed at 500g, which Worldpanel reads as gradual stocking-up. [30]
15. 21

    US stores hire hundreds of thousands for the holidays

    What happened

    • Amazon, Dick's, Michaels, UPS and the US Postal Service list over 431,000 holiday jobs, Money counted. [31]
    • Amazon alone is hiring 300,000. [31] It says seasonal pay averages $20 an hour. [31]
    • UPS listings suggest warehouse roles pay around $21 an hour and delivery drivers $23. [31]
    • From 2027 Amazon will give health cover to seasonal staff working 30 hours a week or more. [31]

    How it unfolded

    Holiday hiring had been weak in recent years as retailers pulled back. [31]

    Why it matters

    Of US companies, 15% plan seasonal hires this year, up from 12%, a staffing firm's survey found. [31]

    The truth

    • UPS says many seasonal jobs become permanent, but staff have no guarantee of staying on. [31]
16. 22

    Las Vegas homes for sale hit a record

    What happened

    • Homes for sale in Las Vegas rose nearly 10% in a year to 11,447 in October, Realtor.com said. [32]
    • That is the most in its records, which go back to July 2016. [32]
    • New listings fell 10.5%, so more of the homes on sale have sat for a while. [32]
    • A typical home sat for 59 days, two more than a year before. [32]

    Why it matters

    Mortgage rates above 7% have priced out everyday buyers, Realtor.com reports. [32]

    Tania Jhayem, a local estate agent, says buyers now have more choice and sellers are adjusting. [32]

    How it works

    Economists call a market with more homes than buyers a buyer's market.

    With new listings down and few sales, the homes left on sale grow stale, a Realtor.com economist says. [32]

    Seen it before

    When everyone in class sells old games at once, each seller has to ask less.

    The truth

    • The luxury end kept selling well while everyday homes slowed, Realtor.com says. [32]
17. 23

    Pakistan cuts petrol again, to Rs338 a litre

    What happened

    • Pakistan cut petrol by Rs8 a litre and diesel by Rs7 from Wednesday. [33]
    • Petrol now sells at Rs338 a litre and diesel at Rs371. [33]

    Who is involved

    Ogra, Pakistan's oil and gas regulator, now sets fuel prices day by day. [33]

    How it unfolded

    Petrol had started rising from Rs266 in early March, after the US-Iran war began. [33] It peaked at Rs458.41 on 3 April. [33]

    Why it matters

    Petrol mostly fuels motorbikes, rickshaws and small cars, so its price reaches the middle and lower-middle classes. [33]

    How it works

    Public finance calls a tax charged as a fixed sum on each litre a specific tax.

    Pakistan's government still takes Rs114 in taxes and duties on each litre of petrol, whatever the pump price. [33]

    Seen it before

    A ticket with a fixed booking fee keeps that fee even when the ticket itself gets cheaper.

    What comes next

    Pakistan's government and Jamaat-i-Islami, a political party, held another round of talks on fuel relief on Tuesday. [33]

18. 24

    Abu Dhabi's housing and power costs up 4.5% in a year

    What happened

    • Prices in Abu Dhabi rose 1.52% in the year to September, Statistics Centre Abu Dhabi said this week. [34]
    • That was up from 1.25% in August. [34]
    • Housing, water, power and fuel, nearly a third of the price index, cost 4.5% more than a year earlier. [34]
    • Food and drink rose nearly 3% in September but were about 3.3% cheaper than a year before. [34]
    • In Dubai, prices rose 5.03% in a year, down from a 5.7% peak in June. [34]
    • UAE authorities announced a surprise cut in pump prices for November. [34]

    Why it matters

    Abu Dhabi's inflation is lower than its Gulf neighbours', by their latest official figures. [34]

    How it works

    Economists call fixing one currency to another at a set rate a peg.

    Gulf economies are pegged to the US dollar, so their central banks usually follow US rate decisions. [34]

    Seen it before

    A small team that always copies the big team's training times changes its timetable whenever theirs changes.

    The truth

    • The yearly rise hides a monthly fall: housing, water, power and fuel fell nearly 0.6% in September. [34]
19. 25

    Sharjah and Abu Dhabi widen help for citizen families

    What happened

    • Sharjah raised its marriage grant limit from Dh30,000 to Dh50,000, about $13,614. [35]
    • Its executive council also approved housing help for 1,100 Emirati families. [35]
    • Of them, 500 get housing loans and 600 get ready-built government homes. [35]
    • Abu Dhabi's crown prince, Sheikh Khaled bin Mohamed, approved a second stage of its Emirati Family Growth Programme on Tuesday. [36]

    Who is involved

    Sharjah's ruler, Sheikh Dr Sultan bin Muhammad Al Qasimi, ordered the rise. [35]

    • Sheikh Dr Sultan bin Muhammad Al Qasimi Ruler of Sharjah

    How it unfolded

    The first stage offered loans and up to four years of rent help after a fourth, fifth or sixth child. [36]

    Why it matters

    Both schemes are for Emirati citizens and their families. [35][36]

    How it works

    Demographers call payments meant to encourage more births pronatalist policy.

    Abu Dhabi's support starts from a family's fourth child, so it rewards larger families. [36]

    Seen it before

    A cafe that gives a free drink after your fourth visit is paying you to keep coming.

    The truth

    • Abu Dhabi describes the second package only as initiatives on family life and cohesion, with no sums given. [36]