Posted 1/8/2024, 10:04:00 PM
US Consumer Debt Hits Record $5 Trillion as Holiday Spending Outpaces Ability to Pay
- US consumer debt surged to over $5 trillion in November, the highest on record, due to increased credit card spending during the holidays
- Credit card delinquencies are now at their highest level since 2012, raising concerns about consumers' ability to pay off debts
- Americans' near-term inflation expectations have dropped to the lowest in 3 years, which could influence future spending and wage growth
- Consumers are feeling more optimistic about the economy and job market, though earnings growth projections have declined
- New inflation reports this week will provide critical updates on whether price increases are continuing to cool