Corporate bankruptcies have spiked this year—a trend that seems poised to continue as rising costs eat away at consumer spending. According to S&P Global Market Intelligence, more than 450 major businesses have gone belly up so far in 2023.
That’s higher than the total number of businesses that failed in each of the previous two years. It’s also the highest single-year for bankruptcy filings since 2010.
That’s fair. I had only been considering the new purchases at those rates - I suppose anyone locking in a refinance at 2.5% would be spending far less than they were and similarly be less burdened.