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Nearly 70 percent of U.S. GDP comes from consumers. What happens when they stop spending? Lately, I’ve noticed that the press has been sounding the alarm about the possibility of a downturn in consumer spending. I get why. To buy more stuff, consumers must either see their wages grow faster than prices, spend their savings,…
Unlike higher gas prices, which hurt almost everyone, higher borrowing costs have an uneven impact. In September 2024, then presidential candidate Donald Trump promised: “we’re going to put a temporary cap on credit card interest rates … at around 10 percent.” Yet, today, the Bankrate Monitor National Index shows the average credit card APR at…
