Posted 12/31/2023, 3:25:14 PM
US Consumer Debt Hits 20-Year High But Strong Incomes Boost Confidence
- US consumer debt is returning to pre-pandemic levels according to Biden's economic adviser
- Credit card balances rose to $1.08 trillion in Q3 2022, the highest since 2003
- Americans' ability to service debt remains strong due to disposable income gains
- Falling inflation is boosting consumer optimism and sentiments about the economy
- Biden's 2024 agenda will focus on "lowering costs" for healthcare, prescription drugs, etc.