💸US consumer debt has reached a new all-time high, putting pressure on households.
⚖️There is a widening divide between lower and higher earners, with lower earners experiencing higher default rates and rising debt burdens.
🗳️The rising debt burden could have implications for the upcoming election, as voters consider their own economic prosperity.
What is causing the rise in US consumer debt?
—The rise in US consumer debt is attributed to inflation, higher borrowing costs, and increased spending.
Why are lower earners experiencing higher default rates?
—Lower earners may have less access to credit and face challenges in managing their debt, leading to higher default rates.
How might the rising debt burden affect the upcoming election?
—The rising debt burden could impact voter sentiment and perceptions of economic prosperity, potentially influencing election outcomes.
10:05US consumer debt continues to rise, reaching a new record high.
12:19There is a widening divide between lower and higher earners, with lower earners experiencing higher default rates and rising debt burdens.
13:07The rising debt burden could have implications for the upcoming election, as voters consider their own economic prosperity.
