Grocery prices, credit card debt, and your 401K (Two Indicators)
Planet Money
Impact of Income Growth on Spending and Debt
When income growth declines, there are two possible outcomes: either spending growth reduces or individuals start dipping into their savings or increasing borrowing. In such situations, credit card balances tend to rise as seen with the record $1.1 trillion in credit card debt reported by the New York Fed in the fourth quarter of 2023.
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