Danielle DiMartino-Booth:

Digging into March’s personal spending data, the headline once again belied strength. On the surface, spending of 0.9 percent was as robust as it gets even after adjusting for inflation, which took it to 0.7 percent. Net out the biggest savings drawdown in six years, however, and you arrive at a decline of 0.2 percent for March.

As for what’s pushing households to tap into their rainy-day funds, Deutsche Bank recently pointed to the 15 percent year-on-year increase in household interest payments. Levels of payments rising at a similar pace preceded the onsets of the last two recessions.

Is it any wonder credit-card issuers are bolstering their cushions to absorb future losses? And it’s not just Capital One that caters to lower-credit quality borrowers. All seven of the largest U.S. card issuers boosted their charge-off rates in the first quarter to an average of 3.82 percent, an almost seven-year high.