Bank of America CEO says latest spending and savings data show that the U.S. consumer is healthy

[MerryHolidays]

So, for all the talk of economic armageddon spurred on by Re-Putin-Can MAGAs, BoA says things are good!

Bank of America’s customers continue to spend freely, using their credit cards and other payment methods for 10% more transaction volume in September and the first half of October than a year earlier, CEO Brian Moynihan said.

Customers’ account balances remain higher than before the coronavirus pandemic struck in early 2020, Moynihan said, indicating that they were in a good position to continue spending.

Finally, consumer credit remains pristine, with late-payment metrics still well below pre-2020 averages, indicating that so far, customers have had little difficulty keeping up with their debt.

https://www.cnbc.com/2022/10/17/bank-of-america-ceo-brian-moynihan-says-the-us-consumer-is-healthy.html

[at140]

1. My relatives are using credit cards like there is no tomorrow

My mother-in-law used all her credit cards to the max making minimum payments on each.
She is very popular with the grand kids, who get lots of gifts.
Now my brother-in-law is doing ther same. He is building in ground swimming pool.