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According to the Federal Reserve Bank of New York, Americans owe a record high of \$986 billion in credit card debt as of the first quarter of 2023. This is an increase of 17% from the same time last year. The average American household owes $7,173 in credit card debt.
Meanwhile consumer spending in the United States is expected to grow by 3.8% in 2023, according to the U.S. Bureau of Economic Analysis. This is despite the fact that one in four Americans say they don't have enough money in their bank accounts to handle an emergency.
So...what gives? Jeff asks financial strategist Stephen Patterson to explain...and Stephen predicts this is going to end badly.