While many of the upper class wealthy people are not using debt to pay for things, lot of the middle class still not recovered from the mortgage crisis in 2008. See this article in Marketwatch from the Wall Street Journal by Peter Atwater to details on more people using credit just to pay for their kids education or buying a new car because the old one is about to die, as well as having to use credit to pay for food and gasoline:

http://www.marketwatch.com/story/americans-are-getting-into-debt-just-to-get-by-2014-06-18

The more scary items are using credit to pay for month to month expenses. This could mean that more people are beginning to live paycheck to paycheck (actually credit card payment to credit card payment) which can be a future problem for an economic recovery (eventually people won’t be able to pay for things on credit, and perhaps when inflation comes back, the economy comes crashing down again.)

For financial, accounting and tax musings,