The increase likely reflects how quickly prices are rising for gas and other items, Shandor Whitcher, associate economist at Moody’s Analytics, wrote in a commentary. It’s also a sign of how strong the American consumer is right now, he said, given the growth in wages and low unemployment. Credit card balances are the bulk of revolving debt balances. Consumers may have been reaching for plastic to fill their gas tanks as the national average for a gallon of gas hit a record high of $4.33 in March. On Friday, the average was just 5 cents shy of that record, and diesel fuel was $5.51, a record high for the eighth straight day. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
