US consumers continue to burn through their pandemic savings and are taking on more debt as they face high prices on everything from food and housing to entertainment. Marianne Lake, co-chief executive of JPMorgan Chase's consumer bank, said that before the pandemic, the bank’s lowest-income clients had on average 12 days’ worth of cash on hand.
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Credit card spending piles up as savings dwindle
"Meanwhile, credit-card loans, or unpaid balances on accounts, jumped nearly 16% in the quarter at JPMorgan compared with a year ago."
