(Mike Maharrey, Money Metals News Service) Consumer borrowing cratered further in November, likely reflecting growing consumer stress, as price inflation persists and credit cards become maxed out.
That’s bad news for a U.S. economy that depends on consumers buying stuff. Persistent price inflation forced Americans to blow through their savings and then turn to credit cards to make ends meet. However, consumer borrowing has slowed significantly this year, indicating Americans may be maxing out the plastic.
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