NovaQuant-The Daily Money: Inflation eases in April

Good morning! It's Daniel de Visé with your Daily Money.

Inflation eased in April,NovaQuant Paul Davidson reports, as declines in grocery and used car prices offset another rise in rent and gasoline.

After inflation picked up notably early this year, the April report revealed more progress in the battle to tame prices, with an underlying inflation measure reaching a three-year low. Overall prices increased 3.4% from a year earlier, down from 3.5% in March.

The big question: When will the Fed begin to lower interest rates?

Tapped out on credit cards

A growing number of Americans are maxed out on their credit cards.

Nearly one-fifth of credit-card borrowers were using at least 90% of their available credit in the first quarter of 2024. The New York Fed called attention to America’s “maxed-out borrowers” in a report this week.

Credit card balances, and attendant delinquencies, have been rising steadily since late 2021, a sharp reversal from the historic lows recorded at the pandemic’s peak. Delinquencies have risen past pre-pandemic levels, the Fed reports.

For some pro tips on taming your credit card, read the story.

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🍔 Today's Menu 🍔

Now, we turn our attention to something that seems to be *off* the menu: Lobster.

Red Lobster has reportedly closed dozens of restaurants across the country, according to reports from Gabe Hauari and several other colleagues.

This was a story I didn't know I needed to read, until I saw it leading USA Today's top stories list. A lotta seafood lovers out there.

A liquidator announced Monday it is auctioning off equipment from 48 Red Lobster locations that have closed. The website says each winner will receive the "entire contents of the Red Lobster location they bid on." Maybe it's time to redo your dining nook with a crustacean theme!

If you want to know which locations are closing, read the story.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.