What consumers don't realize is that they are spending fake money which nevertheless has to be repaid.

Today there are close to 30 million U.S. households, or one in four consumers, spending more than they can afford. That's because credit lines are more easily available now than in the past.

People often turn around and charge up their credit cards again.

They are shocked by the increases (in monthly payments) they are getting.

(They) just don't want anything fake. They're just being snobby.

Consumers still aren't in a spending mood, ... This year is going to be modestly better. The emphasis is on the word 'modest.'