U.S. credit card debt topped $1 trillion for the first time this summer and consumer spending ticked up, but economists say frivolous purchases aren't to blame for the extra outlays of cash.
They note that even though Americans are spending more money per month, they're getting less of the same goods and services and going into debt simply to afford even basic necessities.
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Marisa Herman ✉
Marisa Herman, a Newsmax senior reporter, focuses on major and investigative stories. A University of Florida graduate, she has more than a decade of experience as a reporter for newspapers, magazines, and websites.