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Rising US Bankruptcies Amid High Interest Rates
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US bankruptcies surged by 18% in 2023 due to high-interest rates and the conclusion of pandemic stimulus, with commercial and personal bankruptcy filings both increasing. The consumer discretionary sector experienced the highest number of bankruptcies, reflecting the financial strain on businesses. Soaring borrowing costs have intensified pressure on firms, while household debt has reached a record high, and the personal savings rate is at a low level.
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How might the surge in bankruptcies affect the overall economic stability and consumer confidence in the US?
In what ways could the increase in bankruptcies influence future policy decisions and financial regulations in the US?
What measures could governments and financial institutions implement to mitigate the financial strain on businesses and individuals amidst high-interest rates?
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