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Americans raiding savings, retirement accounts

In a move that may be a bad sign for the economy, Americans are spending more, and raiding their savings, college and retirement accounts to do so even as they take on more credit card debt.

By Staff Writer | Updated on January 17, 2012

In a move that may be a bad sign for the economy, Americans are spending more, and raiding their savings, college and retirement accounts to do so even as they take on more credit card debt.

Reuters reported that Chicago Federal Reserve President Charles Evans said Friday that the spike in credit card usage by households is worrisome. People, he was quoted saying, “have been spending recently in a way that did not seem in line with income growth. So somehow they’ve been doing that through perhaps additional credit card usage. If they saw future income and employment increasing strongly then that would be reasonable. But I don’t see that. So I’ve been puzzled by this.”

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