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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