Credit Card Spending Growth Slows as Consumers Face Economic Uncertainty
-
Credit card spending by Americans grew 5.3% in Q3 2022 compared to 2021, but that's a notable slowdown from 13% growth in Q3 2021 and 25% growth in Q3 2020.
-
Card spending growth is "losing steam," implying moderating consumer strength, per Wells Fargo.
-
Job market, wages have buoyed spending, but economists expect more consumer caution as student loans resume and rates stay high.
-
Credit card debt topped $1 trillion in 2022; delinquencies at 11-year high in August.
-
Inflation still up 3.7% year-over-year; low-income households disproportionately affected by price hikes.