Cracks in the consumer wallet
Five charts to start your day
For years US shoppers carried the economy on a contactless wave. Now the plastic is creaking. JPMorgan’s charge‑off rate on credit cards just hit a 13‑year high. Across all banks unrecoverable balances now exceed pre‑Covid levels.
Why the wobble? Tariff fears are pulling forward purchases. Warehouse clubs saw a rush in late March as people stocked up before prices jump. Sentiment has plunged since December – the share of households expecting higher unemployment is the worst since 2009.
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