Consumers aren’t even close to being tapped out. Here’s why, and what that means for the stock market.

• Most projections for a stock market decline hinge on a weakening US consumer.
• Bearish investors cite $1 trillion in credit card debt, upcoming student loan payments, and a depletion of excess pandemic savings.
• But the US consumer has plenty of capacity to spend, and that’s great news for the stock market.  

From $1 trillion in credit card debt to the upcoming restart of student loan payments, there are plenty of reasons to be concerned about the financial health of the US consumer.

And those concerns are getting louder and louder as some stock market strategists forecast an imminent end to the bull market, partly due to a weakening consumer who’s expected to slow spending.