Reported 2 months ago
In June, US consumer borrowing increased by $8.9 billion, falling short of economists' expectations of a $10 billion rise, as credit card balances saw their largest decline since 2021. The decrease in revolving credit, which includes credit cards, points to consumers increasingly relying on credit amid slow wage growth and high inflation. This trend raises concerns about the sustainability of consumer spending, which is critical to the US economy, especially with rising delinquency rates on credit cards and auto loans.
Source: YAHOO