As the economy braces for a recession, consumer credit growth is beginning to wane. To help you understand what is going on and what we expect to happen in the future, our highly-experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest...
Higher interest rates are starting to chill consumer credit growth. Per the latest data, consumer debt levels are still on the rise, but the pace of growth is slowing. Outstanding balances for all types of consumer credit rose 0.2% in May, while year-over-year gains eased from 5.4% in April to 5.3% the next month.
