Slow Wage Growth and Consumer Debt
Since the foreclosure crisis in 2008, many consumers across Oak Park, Illinois and throughout the country have worried about whether another consumer debt crisis could occur. According to a recent report from NBC News , slow wage growth combined with added consumer debt suggests to some that another consumer debt crisis could be lurking. As the report points out, “subprime borrowers in particular aren’t as resilient when it comes to surviving a financial shock.” What do you need to know about the link between slow wage growth and the possibility of a looming consumer debt crisis? Could this result in another foreclosure crisis? Slower Wage Growth Than Expected Could Lead to Consumer Problems Workers in the United States have certain expectations with regard to wages, and according to the report, it is likely than many expected to be earning more than they currently earn. As a result of wage-earning expectations, many of those consumers have taken on additional ...