Debt is rising and choking American consumers. In some cases, it is due to careless spending, but more people are living on credit cards to purchase necessities – like groceries – as they struggle to make ends meet in a high-inflation environment. The continued rise in consumer debt could have a devastating impact on the overall U.S. economy in 2024. Making matters worse, the higher cost of living, hefty interest rates and potentially lowering real estate values in some areas may also lead to more people losing their homes this year.
Swiss America CEO Dean Heskin and Chris Agelastos examine the debt situation in America, how it could impact the overall economy this year and a look into the long-term on The Secret War on Cash.
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Articles referred to in this podcast:
Report: National Credit Card Debt Hits $1.27 Trillion, 54% of Americans Expect Inflation to Affect Their Credit Debt in 2024 | LongIsland.com
Americans Are Losing Their Homes (newsweek.com)