According to Rossman, common and frequent purchases involve electronics, home or office furniture, and home repairs. Other spending, of course, entails traveling, eating out, etc.
Finally, the CreditCards.com industry analyst explained that the willingness to rack up “discretionary” debt will be costly; this is especially true with the documented pattern of certain Americans blowing the money in their savings. Rossman informed that the average interest rate in America comes out to 16%, if not higher.
Post-pandemic America
As Americans gradually adjust to post-pandemic life, it’s very clear that changes are happening. Inflation is certainly impacting these changes, particularly in the economy.
Since Biden’s time as president, Americans’ average earnings have dropped every single month. Meanwhile, multiple sectors are facing supply shortages and higher costs for necessary goods.
In the weeks and months ahead, economists and analysts will continue viewing the spending habits of America. Furthermore, time will tell whether or not the willingness to assume discretionary debt increases or falls from the current 44%.
