Credit-card balances are defying the gravitational pull of stubborn inflation and slower growth. They account for about $890 billion of Americans’ staggering $16 trillion in household debt.

What’s happening: Spending on experiences, like travel and entertainment, has supplanted physical goods like clothing and home items as the purchases of choice for consumers.

They’re compensating for soaring prices by discount shopping — and using copious amounts of plastic to offset surging costs for food and gas.

A Bloomberg report highlighted a worrying rise in delinquent accounts among lower-income and subprime borrowers. It raises questions about whether it could lead to a spiral of unpaid debts if the economy worsens.