Dec 21, 2013
Spike in Consumer Spending Spells Danger
Posted on Aug 15, 2011
Consumer borrowing shot up $15.5 billion in June—three times more than projected—in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion—the largest jump since spring of 2008. Why? As other sources of capital, including income from employment and equity lines, are shrinking, people are paying basic bills with credit cards. And without a means to repay those debts, plastic credit is merely a temporary lifeline, and “another round of defaults” is likely in store. —ARK
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