Saturday, August 6, 2022

Inflation, recession and living on "borrowed money" as credit soars

Recession fears and price pressures haven't tamed Americans' urge to splurge.

Driving the news: Credit-card balances are defying the gravitational pull of stubborn inflation and slower growth. They account for about $890 billion of Americans' staggering $16 trillion in household debt.


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I once forgot to clear my credit card balance and therefore had to pay interest that month. Otherwise I've had decades of free credit from Them.

I've never had to pay for a bank overdraft and have only once had a bank loan.

This must mean that lots of other customers have been subsidising me. I'd just like to say "Thanks, boys and girls".

Posted by: dearieme | Aug 6, 2022 6:09:11 PM

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