Ep. 113 - Tight Household Finances Could See Limited Holiday Spending | Consumer Spending Report

With savings low and debt high, how will American consumers fare this holiday shopping season? Quinton spotlights a concerning new report on plunging savings rates and ballooning household debt. Detail after alarming detail reveals strains - only 35% could handle a $2,000 emergency, 18% sought higher credit card limits last month alone, and over 1 million may default on student loans. Quinton asks whether these precarious finances will curb spending during the make-or-break retail months ahead. But he closes with an inspiring Thanksgiving message: even amid worries over money and more, practicing gratitude shifts our perspective.

[00:00 - 02:22] - High percentage can't cover emergency expenses

[02:23 - 03:35] - Surge in credit card limit increase requests

[03:36 - 05:11] - Rising loan application rejection rates

[05:12 - 06:45] - Over 1 million at risk of student loan defaults

[06:46 - 07:31] - Savings issues could hit holiday retail sales

[07:32 - 13:43] - Thanksgiving message on practicing gratitude

Key Quote:

"For the first time in a decade, we had one of the lowest levels of households in America that could afford an expense of 2,000 or greater." - Quinton Harris

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