Consumer spending powers two-thirds of the economy, but recent data suggests that the engine might be running a little rough. Rising auto repossessions and increased reliance on minimum credit card payments point to growing financial strain among consumers.
According to the Philadelphia Federal Reserve, more households are finding it difficult to keep up with debt, as reflected by a rise in the number of credit card holders making only minimum payments. Delinquencies are also increasing, highlighting ongoing financial strain.
The auto market faces similar challenges, with car repossessions surpassing pre-pandemic levels. Higher interest rates and lingering supply chain disruptions are making car ownership less affordable.
WY it Matters: For Wyoming businesses, these national trends can hit close to home. When consumers feel the pinch, it’s not just numbers on a chart—it’s neighbors making tough choices, families tightening their budgets, and communities feeling the ripple effects.
In times like these, it’s the spirit of community-driven commerce that lights the way forward. By staying adaptable, offering affordable solutions, and showing up for the people who keep our local economy alive, Wyoming businesses can do more than survive—they can lead.
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