People are starting to use their available credit more. U.S. consumer credit-card balances grew 15% year-over-year in the third quarter—the fastest pace in more than 20 years, according to the latest Federal Reserve Bank of New York’s Quarterly Report on House-hold Debt and Credit, released earlier this month.
That utilization rate of 21.5%—or the percentage of credit card limits represented by balances—was the high-est since the first quarter of 2020. But that rate was almost 24% at the end of 2019. It could jump again during the fourth quarter holiday shopping season, as it usually does.
Wall Street Journal 11-25-22
I always wondered, do Americans emulate the federal government when it comes to spending and debt or is it the reverse.
Either way, when it gets out of control things don’t end well.
QUINNSCOMMENTARY 
I wonder how much of the debt is driven by inflation. Also, how much of the debt is on zero interest cards. I currently have $19,125 on zero interest credit cards. $12,850 covers my son’s move from PA to WA in July 2022, it will be paid off or moved to his zero interest card or much lower interest personal loan in Sept 2023. All other balances will be paid off by Dec 2023.
I’m not sure this shopping season is going to be all that great for retail. Maybe just an inflation increase, no real sales growth. I was in Wal-Mart two days ago, checked 20 shopper’s carts, no gifts, just food and household goods. Family and friends all say they will be spending less.
I never have been a big Xmas spender. I purchased a new Lenovo laptop in Oct, $300 off for $449, 512gb ssd 8gb ram. I have not seen anything that inexpensive since.
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As someone who likes easy cash, I spend everything on a 2% cash back card. We pay it off in full each month. The only downside is it tends to take points off our credit score due to using a large portion of available credit. I am counted as someone with a high balance along with many others. Maybe the spending is not quite as bad as it seems.
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I was told those of us who pay cards in full each month are called deadbeats.
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I do the same and have a Fidelity 3% cash back. It does cause the credit score to take a small hit but I have no need for loans or mortages.
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