Consumers aren't even close to being tapped out. Here's why, and what that means for the stock market.

In reality, US consumers have plenty of firepower left to spend money, grow the economy, and drive the stock market higher. Here's why.While $1 trillion in credit card debt sounds like a lot, what really matters is whether consumers can pay down those debts. And they most definitely can.

The collective net worth of US consumers currently sits just below $150 trillion, and total assets are nearly $170 trillion, with much of that in homes and stocks. Meanwhile, consumers have total debts of just under $20 trillion, with the bulk of that represented by mortgages. Utilization rates for home equity lines of credit are at 38%, which is well below the pre-pandemic average of 51%.

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