Is America's economy already in a recession? That's a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time.

Results from credit card companies and wireless carriers this week highlighted that warning sign.

On Thursday, credit card giants Discover (DFS) and Capital One (COF) both missed analysts' expectations for their quarterly earnings and their stocks tumbled on the news.

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Delinquency rates rose modestly, and both banks also boosted their reserves for future credit losses — a cautionary move that shows concern about the direction of the economy over the next few months.

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A lot of macro factors are at play. Inflation is still running rampant, and rate hikes from the Federal Reserve, meant to try to rein in prices, will take some time to have their desired effect. What's more, higher rates could eventually slow down the economy.

Is America's economy already in a recession? That's a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time.

Results from credit card companies and wireless carriers this week highlighted that warning sign.

On Thursday, credit card giants Discover (DFS) and Capital One (COF) both missed analysts' expectations for their quarterly earnings and their stocks tumbled on the news.

*

Delinquency rates rose modestly, and both banks also boosted their reserves for future credit losses — a cautionary move that shows concern about the direction of the economy over the next few months.

*

A lot of macro factors are at play. Inflation is still running rampant, and rate hikes from the Federal Reserve, meant to try to rein in prices, will take some time to have their desired effect. What's more, higher rates could eventually slow down the economy.