Credit Karma?
Welcome to the Know the Difference Minute for Wednesday, January 24th. 
Consumer confidence is up. That’s good as consumer spending contributes to 70% of GDP. But what if all that spending comes at a price that includes getting behind on payments?  Consumers in the US are increasingly using credit cards for fuel, groceries, hotels, and airline and concert tickets. 
I get it. The Taylor Swift factor had a $5 billion economic impact. But after the friendship bracelets are put away, the credit card statements start showing up. It’s time to pay the piper. 
Delinquency rates on credit cards have climbed 3 straight years. Credit card loans up 14%. With interest rates still high and the average credit card rate at 21%, some segments Americans are slowing being strangled by the cost of debt. 
Financial literacy is rarely taught in schools. That’s a shame. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.