Running off the cliff An explosion of household debt has put the US economy in a tough spot

Image for article Running off the cliff An explosion of household debt has put the US economy in a tough spot
News Source : Business Insider

News Summary

  • America's swelling debt pile bodes ill for the the US economy, Société Générale said.
  • Total liabilities among US households swelled to a record $19.9 trillion at the end of the first quarter.
  • Yet, the personal savings rate is hovering near a record low, shrinking to 2.6% in April.
  • The trend might be the result of the so-called wealth effect, a phenomenon where Americans spend more because they feel wealthier as the price of assets like stocks and real estate rise.
Americas swelling debt pile bodes ill for the the US economy, Socit Gnrale said.

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