Americans are increasingly using credit cards, with total credit card debt reaching a record $1.3 trillion. This trend is occurring despite credit card debt as a percentage of disposable income being 6.5%, which is still below pre-COVID levels. Rising prices, falling savings, and mounting credit card debt are making consumers more price-conscious, although some companies continue to see growth. An economist explains that consumers, demoralized by inflation and high interest rates, have given up on saving for the American Dream and are instead spending more money.
Consumers have given up on saving for the American Dream and are spending money instead | Fortune https://t.co/XCi9mRYiK4
CONSUMERS ARE SO DEMORALIZED BY INFLATION AND HIGH RATES THAT THEY’VE GIVEN UP ON SAVING FOR THE AMERICAN DREAM AND ARE SPENDING MONEY INSTEAD (Fortune) An economist offered an explanation for a paradox that has emerged in recent data showing that spending has remained robust… https://t.co/LrFCDhdGqT
Rising prices, falling savings and mounting credit card debt are making consumers more price conscious, though some companies are still seeing growth. https://t.co/FToZR1YJKN
Something for everyone. * Credit card debt $1.3 trillion, a new record (red line). * Credit card debt as a % of disposable income 6.5% (blue line) and still below pre-COVID levels. As is usually the case, the truth is somewhere in the middle. https://t.co/yrSvbuFmcM
Americans are spending big with credit cards. Here's what that means for the possibility of a recession https://t.co/4epQLnkWms