2023-09-30 00:05:09
For Americans, it is common to pay for gas on credit. PATRICK T. FALLON / AFP
Post-Covid, American household consumption has been the main driver of the country’s growth. But the figures show that it is done more and more on credit, and failures are increasing.
Since the Covid crisis, the resilience of the American economy continues to amaze observers, defying all predictions of recession. On paper, the job market is strong, the unemployment rate is at an all-time low, inflation is back down to around 4% after peaking at 8.5%, and Americans have continued to consume at a steady pace. sustained, bringing the country’s growth ever higher, quarter after quarter. It stands today at 2.1%, at a time when it is contracting in several European countries.
However, on the bank statements of many households, a more painful reality can be read. For the very first time in the second quarter of 2023, the outstanding amount of credit cards in the United States exceeded the trillion-dollar mark, according to figures from the New York Federal Reserve, a figure constantly increasing. Total household debt increased by 16% year-on-year. The Americans opened…
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