Trending Now - Rising Credit Card Use Seen as Positive Amid Economic Strain

WHO:

IJR - Kevin Hassett, National Economic Council adviser

Alternet - Kevin Hassett, director of the White House’s National Economic Council

WHAT:

IJR - Americans are increasingly relying on credit cards due to rising costs from the Iran war.

Alternet - Hassett stated that credit card spending is "through the roof" and that Americans are spending more on gasoline and other goods.

Alternet - 55 percent of Americans believe their finances are getting worse, the highest percentage recorded by Gallup since 2001.

Alternet - Since Trump took office in January 2025, gas prices have increased by approximately 45%, with the national average reaching $4.53 per gallon, up from $3.13.

Alternet - 37% of Americans have less than $500 in savings, and 45% would struggle to cover more than a month of essential expenses if their income stopped.

WHERE:

Alternet - National average gas price data from AAA.

WHEN:

Alternet - Trump was sworn into office in January 2025.

WHY:

IJR - The reliance on credit cards is attributed to the economic strain caused by the Iran war.

HOW:

Alternet - Hassett's comments suggest that consumer spending is being driven by increased disposable income, despite rising costs.

(UPDATED May 6, 2026 21:21 UTC)

Kevin Hassett, the director of the White House’s National Economic Council, has highlighted that Americans are increasingly relying on credit cards due to the economic strain caused by the Iran war, with spending reportedly "through the roof." He noted that since Trump took office in January 2025, gas prices have surged by approximately 45%, reaching a national average of $4.53 per gallon, which has contributed to financial concerns for many, as 55 percent of Americans feel their finances are worsening. Additionally, statistics reveal that 37 percent of Americans have less than $500 in savings, and 45 percent would struggle to cover more than a month of essential expenses if their income were to stop.