Credit card balances hit a record-high of $1.13 trillion in 2023's fourth quarter. LendingTree Chief Credit Analyst Matt Schulz joins Yahoo Finance Live to discuss consumer spending patterns as credit card debt is compounded by mounting pressures on household income.
Schulz believes there are “reasons to be hopeful” about consumer spending, considering inflation trends and forecasts indicating interest rate cuts at some point this year. However, Schulz says consumers have “seen their financial margin for error in their household shrink from a pretty small amount to almost zero,” which has ultimately driven them to increased credit card usage.
Schulz appears optimistic, but states plainly: “I think there is reason to think that things may get a little bit worse before they get a little better."
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