Americas Economy Is Growing on the Back of Consumer Credit Card Debt

The American consumer, traditionally the pillar of the U.S. economy, is teetering on the brink of a debt crisis. With household debt escalating to an alarming $17.29 trillion and credit card balances hitting $1.08 trillion, the situation is dire. Rising interest rates are exacerbating the burden, particularly for those aged 30 to 39, who are increasingly falling behind on payments. This precarious financial landscape casts a shadow over the future stability of the U.S. economy, heavily reliant on consumer spending, now fueled by unsustainable debt levels.