Axios reports that while inflation continues to be a major problem for Americans, and worries about a recession persist, that doesn't mean people aren't spending money.
According to the story, "Credit-card balances are defying the gravitational pull of stubborn inflation and slower growth … Credit cards account for $890 billion of Americans' staggering $16 trillion in household debt."
Axios notes that "credit-card issuers are leaning into Americans’ hunger for debt, primarily by offering travel-related bonuses and cash back on purchases." A survey from Wells Fargo "found that 45% of Americans with rewards credit cards 'rely on their credit card rewards to help offset some of the cost of everyday purchases'." And, "Consumers are compensating for soaring prices by discount shopping — and using copious amounts of plastic to offset surging costs for food and gas."