“Consumer spending growth will slow in 2024, economist predicts — it’s ‘not necessarily sustainable’”
January 12, 2024
“…Recent reports already show signs of strain. In the last year, credit card debt spiked to a record high, surpassing $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York.
Now, more cardholders are carrying debt from month to month and fewer are able to pay off their balances in full. “We are still largely a paycheck-to-paycheck nation,” said Mark Hamrick, senior economic analyst at Bankrate…”