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In a Wall Street Journal article (Credit Helps Drive Americans to the Mall) dated June 13th, Spencer Jakab wrote:

The recent interest-rate spike is unlikely to derail a credit revival. It may even be outweighed by easier lending standards. But in the long run, borrowing alone provides a shaky foundation for sales growth. Cumulative growth in income has been far slower than in any postwar recovery, while savings has been lower only during asset bubbles.

It's clear to see that consumer confidence is rooted in access to credit and the "power to boost retail sales is substantial". With the US personal savings rate at the "lowest level since the housing boom", Americans are getting out the plastic...

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