The consumer’s willingness to keep paying high prices has kept the US economy relatively strong, but that attitude could soon be shifting. Some experts think the combination of high housing costs, rising credit card debt and shrinking savings could mean the end of post-Covid splurges, maybe even as soon as this year’s holiday shopping season. Keeping up with high prices not only has led to more credit card debt, but also more consumers are falling behind on the payments. Since the first quarter of 2022, the rate of newly serious delinquent credit card debt has risen roughly 90%. And that would mean Americans may be forced to finally pull back on their post-Covid spending spree.

Source: CNN November 26, 2023 20:24 UTC