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Monday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.

U.S. credit card debt hits new record high

Total credit card debt reached a record $930 billion in the fourth quarter of 2022, according to TransUnion.

As balances rise, so have delinquencies. TransUnion says the average amount owed is $5,805.

The average credit card interest rate offered in the last three months of 2022 stood at 21.6%, according to WalletHub. That number was 23.39% in January, Lending Tree says.

More Americans grocery shopping at dollar stores

Discount dollar stores are becoming a key destination for affordable essentials, including food, according to a recent report.

Over the past year, food prices overall have risen more than 10%. Egg prices have soared 60%, butter is up more than 31%, and lettuce jumped 25%.

Already, more than 1 in 5 consumers buy groceries at dollar stores, according to Coresight Research’s weekly U.S. consumer tracker.

Southwest reducing minimum requirements for pilots

A report from Fox Business says Southwest Airlines is reducing minimum requirements for pilots.

While the airline had required applicants to have spent at least 1,000 hours flying jets and other turbine-powered aircraft, The Wall Street Journal said Saturday that Southwest will now consider candidates with less of that type of experience.

Southwest Airlines says the recruiting change is aligned with hiring at or above FAA requirements.

Florida Disney workers turn down union contract

It is back to the drawing board for Disney and its union members at Walt Disney World in Florida.

Union members voted down a contract proposal covering tens of thousands of service workers at the Orlando theme park.

The proposal reportedly didn’t go far enough toward helping employees face cost-of-living hikes in housing and other expenses.

Valentine’s Day gift prices increased in 2022

Prices of the most popular valentine’s gifts increased in 2022, but their rate of inflation is starting to ease.

Candy is up the most at 25%, according to data analysis from Pattern, but inflation is easing for wine and candles.