"Recession Worries Prompt Americans to Reevaluate Spending Habits"

Americans' strong spending has helped delay a recession, but several factors are now putting pressure on consumer spending. Household savings have dwindled, with disposable income levels falling back to pre-pandemic levels. People are relying more on credit cards, and Americans have accumulated nearly $1 trillion in credit card debt. Wage growth has slowed, and student loan payments are set to restart in October, with one-third of borrowers unsure if they can meet their obligations. Public opinion of the economy is also pessimistic. However, the availability of jobs may provide some cushioning to the impact of reduced spending.