From a distance, the economy appears stable. Unemployment remains low, markets are placid, and consumer spending looks surprisingly resilient. But that calm is increasingly artificial. Beneath the surface, the U.S. consumer is stretched, and in ways that doesn't necessarily reflect in headline charts.

The personal saving rate fell to 4.5% in May 2025, down from 5.2% around two years ago, according to data from the Bureau of Economic Analysis. That erosion of buffer capital comes as inflation-adjusted wages stagnate and credit access tightens across the board.

The signals are subtle: a rise in short-term borrowing, a growing reliance on alternative credit channels, and a quiet uptick in delinquency rates across unsecured debt. More households are turning to payday loans and installment lenders, not to chase opportunity, but to survive rising costs and shrinking liquidity.

What looks like resilience on paper is, in many cases, just financial desperation in disguise.