A lot of Americans don’t feel great about their personal finances right now, with prices remaining high and officials warning there could still be “multiple” interest rates on the horizon—and according to new data, many are turning to their retirement funds to help make ends meet.
The U.S. economy has remained surprisingly resilient over the past year in spite of rising living costs and the Federal Reserve's aggressive tightening of monetary policy. Household debt has been steadily rising, however with credit cards balances seeing “brisk growth” in the second quarter of the year to surpass $1 trillion for the first time, which has some analysts warning a major decline in consumer spending could be right around the corner.
