LOUISVILLE, KY (WAVE) - Holiday spending is always welcome for our economy - particularly when you shop local and help your local communities.
Cautionary flags are flying, though, as household debt right now is higher than it has ever been - just under $13 trillion, above the previous peak of the Great Recession in 2008.
Our overall economy is growing, and Wall Street is setting records, but our household budgets are stretched thin.
Many look forward to an income tax refund as soon as possible after the holidays. That will certainly help for the immediate future, but if a new tax plan is passed affecting the 2018 tax year includes the elimination of a deduction for state taxes, that rebate could be less a little over a year from now, stretching folks even thinner.
Keep a close eye on your credit card balances. Delinquencies are up from a year ago.
Household debt may not necessarily be the top economic indicator, but it packs one of the biggest punches.