Recession Watch: Forget About That Soft Landing

Demand is cratering for houses, trucks, toys, you name it

Americans have spent the past few years putting ever-bigger parts of their day-to-day lives on plastic. And now the stats are brutal: Total credit card debt recently pierced $1 trillion while personal interest expense has gone parabolic.

Credit card usage, as a result, has dropped back below pre-pandemic levels:

Meanwhile, default rates on credit cards…