As we all know, it is consumer spending that creates as much as seventy percent of the value of the gross domestic product of the United States of America.
Well, recently, it is in America that credit card interest rates have risen to a shocking level of 21.47 percent.
In addition, credit card debt in this nation has surpassed the $1 trillion mark, and personal interest payments have risen to more than $500 billion.
As processes evolve at this rate, the American consumer is facing more and more trouble, especially as the surplus of savings that grew significantly during the pandemic runs out. Under such conditions, the financial condition of the consumer in this country may pose a serious threat to the entire US economy.
