Intuit Credit Karma released a survey that stated that 83% of United States consumers expect to cut back on the family budget.

The study specifically noted the intention to cut back on travel and entertainment, which could impact third quarter given the traditional vacations enjoyed by American consumers.

Up until this point, there have been few signs of the American consumer cutting back on spending.

While President Trump has stated that Americans can take a short-term hit from tariffs, it may not go well for the American economy.

Recent studies have also shown that credit card debt has increased dramatically over the past year, impacting credit scores.