The state of US consumers: less savings, more debt and trouble paying those debts

Victor Lei — Head of Research Economy

In September, consumers saved just 3.1% of their disposable income. That’s down from the 8.8% average in 2019 (pre-COVID). One estimate: US consumers have 9-12 months before they burn through any savings built up during the pandemic (WSJ). Consumers are taking on more debt than ever. Credit card balances increased 15% in the third quarter…

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