According to the Bank of America Institute, around 29% of households that earn less than $50,000 per year used credit cards to finance their spending, which could be a factor that could push the U.S. into recession.
Curt Long, chief economist at the National Association of Federally-Insured Credit Unions (NAFCU) told CNBC: “Consumer spending represents more than half of the economy, so if consumer spending is strong, that alone is, generally speaking, enough to keep the economy from slipping into a recession.”
