GET ME REWRITE: Many Americans went deeper in debt in April due to higher gas prices

 

Graph:  New York Consumer Credit Panel via Lending Tree

Headline:  New York Times, 5/14/2026

Sydney Ember reports:

Lower-income households in particular are feeling the squeeze. Higher-frequency credit card transactions from Bank of America showed evidence that middle- and lower-income consumers were pulling back on discretionary spending in April. 

To afford everyday life, many Americans are dipping into their savings and relying on credit cards to get by. The personals savings rate is the lowest it has been since 2022. [emphasis added]

Related posts:

2026

Consumer spending or consumers piling up debt?  (2/5)

2025

Personal finance insanity:  $50,000 in credit card debt + 21.39% interest rate = deep money pit to crawl out of.  (11/30)

Does a Strong Holiday Shopping Season Mean a Better Year Ahead? No, it just means that shoppers took on more credit card debt!  (1/21)

2018

Point/counterpoint:  Paying off credit card debt.  (12/14)

Holiday gifts bought but not paid for.  (1/13)