consumer-finance

American credit card debt hit $1.23 trillion in Q3 2025 while interest rates climbed to 21%, creating debt service costs that could trigger defaults across the world's largest consumer market. The pressure mirrors tightening credit conditions emerging across developed economies, with UK layoffs and reduced consumer spending already signaling broader slowdown. US consumers generate 21% of global luxury revenue, meaning payment stress in America ripples through international retail and banking sec