Investors are watching closely for hairline cracks in the US consumer loan market as lower-income borrowers feel the squeeze of high prices and rising interest rates.
US household debt levels have skyrocketed this year as Americans borrow more to pay for increasingly expensive homes and cars.
It’s not just big-ticket items: rising rents as well as higher prices at the petrol pump and in the grocery store have pushed consumers to rely more on credit cards. Research from the Federal Reserve Bank of New York shows that US households held a record-breaking $16tn in debt as of the second quarter of this year, an increase of roughly $2tn since before the pandemic.
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