Last year, consumer credit card debt surpassed $1 trillion. After strong spending during the holiday season, Americans now owe $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.

Credit card debt is burdensome for consumers, and with credit card interest rates at all-time highs, many may look into consolidating their debts through personal loans. According to one survey, 38% of consumers are considering consolidating their debt, which can help simplify their finances and save on interest. If interest rates fall meaningfully in the next year or two, (NYSE: LC) could benefit from a "historic refinance opportunity."

The U.S. economy has displayed incredible resilience, relative to what experts expected. Entering last year, 80% of economists believed the U.S. economy would enter a recession in 2023 or 2024. However, a resilient economy over the past year has now led many to believe the chance of a recession is relatively low.

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Source Fool.com