The dwindling US personal savings rate, now at levels reminiscent of the Financial Crisis, spells trouble for consumers.

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With burgeoning credit card debt, soaring interest payments, and rates not seen since the Financial Crisis, a breaking point looms closer.

The consumer is on thin ice as US personal savings rate has collapsed

This indicator has dropped from record highs in 2020 to levels last seen during the Financial Crisis

To make things worse, savings rate is declining at a time when:

1. Consumer credit card debt has surpassed… pic.twitter.com/YHOiv2HUbF

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See also The affordability crisis hits US consumers hard. Retail giants like Dollar Tree (-56%), Dollar General (-48%), and Target (-15%) have seen steep declines, while US household debt soars to $17.94 trillion.

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