Question

Given the current state of the economy, do you believe that consumers are getting into too much debt once again? How can faith be integrated into consumer spending and saving?

Answer 1

The current savings rate of US is 3.1 percent which is indeed the lowest in this decade and when there's a need of capital at a point of time, low savings cannot generate high amounts of capital which will result in reduced GDP and this can get the consumers fall in high debt. For that, the people are encouraged to save more and faith can be integrated into consumer spending and saving through schemes like improving policy terms for savings, coming up with attractive saving scheme's, low imvestment rates etc .