Business Insider reports the US economy could see a sharp drop in consumer spending in the coming months.<br />That's because personal income for millions of Americans is about to take a serious hit.<br />Enhanced unemployment benefits that gave millions of consumers an additional $600 weekly lapsed at the end of July.<br />What's more, the US government appears far from passing a new stimulus package that would give consumers more funds.<br />Such a drop in consumer income and spending could cause credit card issuers' recovery to backslide, introducing new problems regarding credit card debt.<br />The industry could respond by reducing credit card rewards programs.<br />However, issuers still may face a higher default rate when customers are forced to use credit cards to cover their daily living expenses.
