Economist Mark Zandi says 22 states are already in recession based on 2 clear indicators. How to protect yourself now

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19. This trend started a few years ago.

I assume most don't have cash laying around. They have likely been putting things on credit hoping that things would turn around. And now they are living paycheck to paycheck and what's left in their sofa cushions.

In the aftermath of hot inflation and high interest rates, many Americans have been stretched so financially thin that they’ve borrowed up to the limit on a credit card, new data from Bankrate reveals.

Almost 2 in 5 cardholders (37 percent) have maxed out a credit card or come close since the Federal Reserve began raising interest rates in March 2022, according to Bankrate’s new Credit Utilization Survey. That includes 20 percent who have maxed out a card and another 17 percent who came close.

A maxed-out card can create a cascading set of problems for consumers. Their available credit dries up, limiting their options if they need to cover a necessary expense in a pinch, such as unexpected medical or household expenses.

...https://www.bankrate.com/credit-cards/news/credit-utilization-survey/

Nearly 2 in 5 cardholders have maxed out a credit card or come close, report finds
https://www.cnbc.com/2024/10/17/survey-nearly-2-in-5-cardholders-have-maxed-out-a-credit-card-or-come-close.html