More than two-thirds of people surveyed in Dallas expect the economy will enter a recession by the end of the year, according to Northwestern Mutual’s annual...
“Given the large majority of Dallas residents who believe we are entering a recession, it only underscores the importance of taking proactive measures to help ensure financial security,” said Chris Collins, a private wealth adviser from Northwestern Mutual’s Collins Financial group, said.
Nearly three-quarters of the survey respondents said economic uncertainty is changing the ways they shop, a rate that outpaces national levels. For example, 12% of people across the country are postponing buying or building a new home, whereas nearly a quarter of Dallas residents are putting it off. Throughout the first quarter of the year, household debt across the U.S. fell to $17.3 trillion. When adjusted for inflation, debt is $1.5 trillion below its peak from 2008, according to“Based on debt levels from the Great Recession, we still have about $1.15 trillion to go before we’re really in hot water,” said Jill Gonzalez, WalletHub analyst. “Still, we could flirt with the breaking point by the end of the year if things go south.
“U.S. households clearly know how to reduce their debt,” Gonzalez said. “They just need to keep it up for more than the first quarter of the year.”
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