A tipping point?
Welcome to the Know the Difference Minute for Thursday, May 11th. 
One factor that is keeping our economic head above water—at least from a recessionary standpoint—is consumer spending. After all, GDP is nearly 70% based on consumer spending. While economists have been forecasting a recession for months, it’s not on the doorstep. 
That could change. More Americans are relying on credit for day-to-day living.  Roughly 29% of households earning less than $50,000 a year are using credit cards to finance their spending, according to Bank of America economists. Tax-refunds—which used to provide an extra springtime cash bump, were 8% lower this year. 
Credit card use is at a record. It’s a slippery slope where those who find it difficult to spend wisely in the face of inflation combined with increased layoffs and the prospect of a recession—might suddenly face economic reality. And stop spending. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.