by Michael Maharrey, Schiff Gold:

Americans continued to run up credit card debt in May, but borrowing for big-ticket items tanked. This could indicate that cash-strapped, over-leveraged consumers are reaching the end of the rope.

American consumers borrowed another $7.2 billion in May, increasing total consumer debt to a record $4.865 trillion, according to the latest data released by the Federal Reserve.

The monthly rise in consumer debt was the smallest since November 2020.