The American economy owes its status as the world’s largest to consumer spending. As we put a growing amount of what we buy onto credit cards, financial experts worry that the bill is about to come due, pointing to economic as well as psychological drivers behind our love for paying with plastic. According to the Federal Reserve Bank of New York, borrowers loaded an additional $50 billion onto their credit card balances in the last three months of 2023, an increase of nearly 5% that brings the total to a record high of $1.13 trillion. [time-brightcove not-tgx=”true”] The higher cost of everything from housing to high-tops to haircuts are a major culprit. Although inflation h
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