V - US Consumer Debt Moves Toward Pre-COVID Levels: Economist Shares Top Takeaways | Benzinga
Economist Jared Bernstein has recently discussed the state of consumer debt in the U.S., shedding light on its gradual return to pre-pandemic levels.
What Happened: In an interview with Bloomberg, Bernstein said this development signifies a positive step forward in the ongoing conversations about the nation's economic recovery and financial stability.
Bernstein elaborated on the surge in consumer debt that occurred during the COVID-19 pandemic.
He attributed this spike to the exceptional circumstances created by the health crisis, including widespread job losses and economic uncertainties.
Many Americans were compelled to rely on credit cards and loans to cover essential expenses, leading to historically high levels of consumer debt.
The situation is gradually improving, Bernstein said. As the economy rebounds and job opportunities expand, individuals are better equipped to manage their debts, he said.
This positive trend is anticipated to ...