You’re not alone if your wallet’s thinner and your debts’ heavier. U.S. consumer confidence is plummeting, while debt levels are soaring, raising some alarms. If Congress doesn’t raise the debt ceiling quickly, the U.S. might default on its colossal $36 trillion debt between August and early October.
Scott Bessent has issued a stern warning: Act fast or face economic chaos. Americans are already juggling record-high personal debts and mortgage rates, which makes homeownership even harder. With borrowing costs skyrocketing and financial stability dwindling, maybe it’s time to tighten a bit more.
