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Resource ID: #18071
Subject: Business
Source: Newsweek Magazine (New York, NY)
Date: 2022-08-27



Newsweek examines the possible consequences of Americans' heavy reliance on credit. The story finds that as "a nation of shoppers, we financed the boom of the '90s," but "with the economy slowing, the bill for our record borrowing may finally be coming due." The article reports that "together consumers owe $7.3 trillion, according to the Federal Reserve - double the amount they carried into the last recession." The author warns that the danger is not that "millions of Americans suddenly become deadbeats," but is more subtle: "big debts act like a giant headwind, limiting the consumer spending that's helped fend off a recession."

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