Americans Still Hanging on By Running Up Their Credit Cards

In July, the mainstream financial media breathlessly reported that consumer spending was “holding up” based on better-than-expected retail sales. But how did consumers manage to spend all of that money? They borrowed it. After a pause in June, American consumers went back to charging up their credit cards in July. Meanwhile, borrowing for big-ticket items […]

The post Americans Still Hanging on By Running Up Their Credit Cards first appeared on SchiffGold.