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Tuesday’s business headlines

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

U.S. consumer debt passes $17T for first time

Total consumer debt rose to an all-time high in the first quarter of 2023, according to the Federal Reserve Bank of New York.

Increases in mortgage balances, auto loans, and student loans put debt at a record level of $17 trillion.

Collectively, Americans owe nearly $1 trillion on credit cards, with an average balance of $5,733. The share of credit card payments has also risen this year.

Gas prices down nearly $1 from May 2022

Gas is almost $1 cheaper than a year ago. At this point last year, gas prices were racing toward $5 a gallon.

According to AAA, the current average gas price in Indianapolis is $3.61. A year ago, it was $4.36.

Study: Americans think TikTok poses security threat

Four in five Americans — or 85 percent%- say that the government should regulate the use of certain apps when it poses a threat to the country or citizens of the country.

Dr. James Hendler, untethered world chair of computer, web, and cognitive sciences at Rensselaer Polytechnic Institute, says we could also see legislation to address more widespread internet privacy concerns.

“If they decide this was a real threat, then they could actually take action.”

However, according to a OnePoll survey of 2,000 social media users, another two-thirds of U.S. adults agree that if the Government were to ban TikTok, it would infringe on First Amendment rights.

Microsoft desktops now compatible with phones

Microsoft Windows users are now able to send texts from their iPhones through their desktops, allowing users to essentially operate their phones from their PCs.

Most Americans use iPhones, and Apple’s PC and phone integration is one advantage that helps explain why its Mac laptops have been taking market share over Windows PCs in recent years.

Americans setting vacation travel records

Americans are setting vacation records and splurging at bars, restaurants, and hotels.

Analysts say the leisure and hospitality industry is expected to fully recoup all its COVID-related job losses this year.