by Michael Maharrey, Schiff Gold:

After pulling back slightly in February, Americans went back to borrowing on credit cards in March — despite record-high interest rates. This indicates that consumers continue to struggle to make ends meet in this deteriorating economy. It also reveals that the Fed’s monetary tightening is not cooling spending as promised.

Consumer debt spiked by another $26.5 billion in March, a 6.6% increase year on year, according to the latest data from the Federal Reserve. It was the biggest jump in total consumer debt in four months.