Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Monday, June 12th, and I'm your host Julie Morgan.

U.S. credit card debt reaches the $1 trillion mark.

Neo is reportedly cutting prices and ending its battery swapping program,

and UBS closes the credits we's take over.

Here's what's making headlines today.

Americans are turning more and more to plastic.

According to the Federal Reserve Bank of New York,

consumers now owe a record $988 billion on their credit

cards, up 17% from a year earlier, or about $5,700 per person.

This number took a break during the pandemic years,

but as you can see, it's still flirting with a $1 trillion milestone.

Driving the spike high inflation is pushing more consumers to put non-discretionary spending on cards.

Higher interest rates are also compounding the issue.

The average annual percentage rate is now over 20%.

Seeking Alpha analyst Wolf Richter also discusses the current landscape,

but says despite Fed tightening and bank collapses,

it's still an astoundingly loose financial situation.

While economists have been predicting a recession for over a year, it has not yet appeared

in part due to consumer spending, which brings us to our survey for today.

We're asking you, rising credit card debt is just one of the factors in sizing up economic growth.

But is the U.S. still headed for a recession in

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