American consumers aren't patient. We want everything now. So we charge it. And the mainstream media says it's a sign that the economy is slowing down.
But here's the problem. Even though one-third of you say you are afraid of maxing out a credit card, economist Hank Lewis at Lone Star College says that's now how you measure the strength or weakness of the economy.
"There are other factors; what businesses are doing, the types of jobs people have, and whether they are full time or part time," Lewis said.
But we are living on credit. The average credit card balance is $6,200, and the average line of credit is $31K. Both numbers are up 20% over ten years ago. Lewis says it's because consumer confidence is so good.
"They feel more confident to use credit, but they live beyond their means and it can creep up on you," Lewis explained.
In fact, new numbers from Gallup say you think we are enjoying the best economy since the late 90's.