Economist Warns Soaring Credit Card Debt Threatens Pullback in Consumer Spending
• Echoing Musk and Burry, economist Carl Weinberg warns record credit card debt threatens consumer spending slowdown • Americans financing spending by running up credit cards with "out of control" interest • Could lead to pullback in consumer spending as we enter new year • Weinberg expects economic slowdown but not recession; sees inflation fading • Points to data showing surging card balances and delinquencies against flat incomes