Decrease In Credit Card Spending
Monday, January 26th, 2009Welcome back!
US Banks Report Lower Credit Card Spending
The large US Banks reported lower credit card spending in Q4-2008. According to CNN Money, the large issuing banks report consumer credit card spending was down in the 4th Quarter of 2008.
- Bank Of America: Down 17.2 % in Q4, over the same quarter.
- Citi Bank: Down 15 % year-over-year.
- JP Morgan Chase: 8 % decrease, year-over-year.
In the face of the worst economic cycle in decades, the consumer is pulling in the reins on credit card spending. With consumer confidence at the lowest levels since the “Great Depression” and the uncertainty on weather the new administration can actually put us on a path to recovery, the US Consumer is sitting on the sideline, waiting for the “Miracle Of Change”, promised last fall.
MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683
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