American consumers continue to amass debt while high interest rates on credit cards have barely budged. Will this impact consumer spending this holiday season?

Silvio Tavares, President and CEO of VantageScore® discussed the state of consumer credit card debt on Marketplace.

Only about 1 in 4 [consumers] said they’d be taking on debt this holiday season,” said Silvio. That’s a sign they can no longer stomach the high cost of carrying debt.

Speaking with correspondent Savannah Maher, Tavares said that consumers “know higher rates are going to continue, and they’re a little bit concerned about the increasing cost of their monthly credit card bill.

CreditGauge is VantageScore’s monthly analysis on U.S. consumer credit health. Read more here: https://www.vantagescore.com/lenders/credit-gauge/

Listen to Silvio’s full interview here: https://www.marketplace.org/2024/10/07/consumer-credit-growth-debt-credit-cards-fed-interest-rate-borrowing/