Philadelphia Fed paper highlights bounce-back in credit card spending
Discussion paper notes growth in debit card spending is slowing
When credit card spending dropped in the US following the financial crisis, there was speculation consumers would turn to other payment instruments as they adopted a more conservative lifestyle, but normal service has since resumed, according to a discussion paper published by the Federal Reserve Bank of Philadelphia today (July 3).
In Trends and Preferences in Consumer Payments: Updates from the Visa Payment Panel Study, Susan Herbst-Murphy analyses data from the Visa Payment Panel Study
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