Leaning On The Ol' Credit Card 8/21/26

CNBC's Jessica Ettinger reports on David Rosenberg's warning about US consumer credit. Rosenberg says Fed Beige Book data show the consumer is not as strong as corporate America suggests, with lower-income households shifting from cash and debit to credit cards. He flags a 13% 90-day delinquency rate, the highest in 15 years, and a 21% average interest rate on $1.3 trillion in unpaid credit card balances. - Rosenberg contrasts Beige Book consumer weakness with stronger corporate commentary. - Lower-income households are increasingly leaning on credit cards. - Households are shifting purchases from cash and debit to credit cards. - Credit card 90-day delinquency rate is 13%, highest in 15 years. - Average credit card interest rate is 21% on $1.3 trillion of unpaid balances. - Rosenberg does not view rising credit card dependence as positive.