I Asked ChatGPT: If Americans’ Credit Card Debt Vanished Overnight, Who Would Benefit Most?

Group 1 - The potential elimination of America's $18 trillion-plus credit card debt could have significant implications for the economy and various consumer groups [1][2] - Households with high credit card balances would experience immediate financial relief, benefiting lower- and middle-income Americans the most [4] - The economy could see a temporary boost from increased consumer spending, particularly in sectors like retail, restaurants, travel, and home goods [5] Group 2 - Small businesses are likely to benefit from increased consumer spending, leading to potential growth and hiring opportunities [6] - Banks and credit card issuers would face substantial losses due to the elimination of interest fee income, which could negatively impact their profits and stock market valuations [7]