Hidden‑debt consumer squeeze

Survey evidence suggests many U.S. households look OK on surface metrics but are cutting discretionary spending, using more consumer credit, and postponing investing. That divergence — visible in panel and survey data — creates a fragile consumer demand picture and raises tail risk for financial shocks. — If widespread, this pattern shifts how policymakers, firms, and investors should read macro indicators and design buffers, support, or products for fragile-but‑visible households.