Credit card debt catching up with consumers before holidays

DELMARVA, – Local business and retail stores have concerns about consumer spending with the upcoming holidays.

Officials say consumer credit card debt is at a high right now and with inflation cool off, so may the items purchased by customers.

Salisbury Chamber of Commerce says consumer credit card debt is on the rise and it is approaching some record levels, and sometime in the future your going to have to come and pay the bill on that.

That’s why they are fearful to see consumer spending cool off dramatically as we approach the holiday season.

“Consumers can’t continue to just borrow on their credit cards At some they are going to have to start paying them down,” Chambers said. “Student loans are due so those payments have come due.”

“That will also impact disposable income.”

Bill Chambers says there maybe a clash coming soon between what debts have come due and the fact that income growth is now slowing down from previous years.