U.S. households have been whittling down their savings and taking on increasing amounts of debt, putting many in a weaker position to weather an economic downturn that has grown all the more likely following recent turmoil in the banking industry.

Fears of a slowing economy were renewed this week when U.S. regulators took over Silicon Valley Bank, Swiss officials stepped in to shore up the finances of Credit Suisse, and a group of Wall Street firms threw a lifeline to First Republic Bank.

The events drew parallels to the 2008 financial crisis and are likely to cause banks to tighten up their lending, putting added pressure on already strained consumers, which could in turn cause them to pull back on spending and trigger layoffs at companies facing declining sales.