The upcoming restart of student loan payments could begin to weigh down a US consumer that has been remarkably resilient over the past year and a half., concerns over upcoming debt and mortgage payments has soared to the highest level since the survey began., which have been paused since the start of the pandemic in March 2020. The average payment is between $300 and $400, based on various estimates.
Meanwhile, 37% of respondents said they will need to cut their spending in other areas to make the student loan payments, while a whopping 34% of respondents said they will not be able to make the payments at all. In this case, the restart of payments will negatively impact low-income households the most, according to the survey.
Morgan Stanley said 31% of consumers were worried about their ability to repay debts and 27% to pay rent or mortgage, with both metrics hitting all time highs.
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