With credit card debt climbing, experts warn that American consumers are nearing their limits.
Transcript:
TED THATCHER: I think that when I look at the credit card debt that our country is carrying, it continues to go up. And it feels like it’s almost at this boiling point. I don’t think that most Americans can spend like they have the last several years through COVID because of the stimulus. I think that at times they’re more being forced to almost because of circumstances in their lives.
Things are a little bit tighter. And I do think that part of the consumer sentiment and confidence is Americans thinking about their own financial situation. So do I think that we’re going to see the consumer’s spending drop off a cliff this week. No, I don’t but as the saying goes, you can only get so much blood out of the stone. And at some point, there’s something that does have to give. Either wages need to go up or prices need to stabilize or come down.
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