U.S. consumers are managing their $14 trillion debt burden—for now: Goldman Sachs

With the coronavirus pandemic continuing to ravage the U.S. economy, taking unemployment to Depression-era levels, a growing number of economists have raised concerns about the historic levels of American household debt. 

Total U.S. consumer debt hit an all-time high of $14.3 trillion in the first quarter of this year, according to the Federal Reserve Bank of New York survey, with housing debt making up the overwhelming bulk of that total. As millions of Americans file new unemployment claims every week, there are fears that many will be unable to pay their bills and meet their debt obligations—potentially triggering a spike