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Exact(23)
The high levels of consumer debt constrain everything now.
Unprecedented levels of consumer debt, and now a recession, have seen everyone working longer hours.
It will be welcomed by the financial community desperate to limit its liability to rising levels of consumer debt.
Indeed, Ms. Register blames "relentless marketing" by credit card companies for the historic levels of consumer debt in America.
Shoppers are being hit by declining real wages, record levels of consumer debt and the prospect of higher borrowing costs.
So far American consumer spending has shown remarkable resilience, despite high levels of consumer debt and the faltering stock market.
Similar(37)
The pressure is on, too, because of the high level of consumer debt and problem loans.
If that trend continues, it could ease concern over the rising level of consumer debt.
What had been a fairly modest level of consumer debt blossomed over the next 10 years as credit card companies provided me with more generous lines of credit.
The total level of consumer debt excluding student loans surpassed £200bn in the middle of last year, returning to levels unseen since the financial crisis.
Meanwhile, the underlying source of our slump, the high level of consumer debt inherited largely from the housing bubble, has declined only slightly.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com