A drop in credit card spending is raising concerns about the financial health of the US consumer and the outlook for holiday sales as cardholders face record-high interest charges.
The fall in card spending comes as consumers’ finances are being strained by both higher interest rates and debt loads, particularly when it comes to borrowing on credit cards. This debt has been rising in the past year and recently topped $1tn for all Americans for the first time.
“Credit card spending was soft in September, and what was notable was that softness was across all sectors,” said Citigroup economist Robert Sockin.
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