Report: Consumers are ‘reluctant’ to make big purchases

A new report shows U.S. consumers might be getting more cautious about spending money.

CNN— A new report shows U.S. consumers might be getting more cautious about spending money.

Numbers from the Federal Reserve show outstanding credit grew by about $11.5 billion in December.

That’s the lowest increase since Jan. 2021 and well below expectations.

An analyst with Bankrate says consumers are becoming reluctant to buy expensive physical goods while spending on services like meals out and travel has been more robust.