THE SPIN: US consumer spending rose in August as gas prices fell.
THE REALITY: Americans Drowning In Long-Term Credit Card Debt. “According to an Aug. 30 report from the Federal Reserve Bank of New York, credit card balances increased by $46 billion from last year, becoming the second-biggest source of overall debt last quarter.”
We’re spending more, getting less, and racking up unsustainable credit card balances in the process.