Another Report Shows Increased Credit Card Volume
In June, credit card dollar volume grew 10.7 percent from a year ago, according to a SpendTrend report released last week by First Data. This was the largest increase in over a year.
Recent figures from the Federal Reserve point to the same trend. Revolving credit, primarily credit card balances, increased by $3.37 billion to $793.1 billion in May from an almost seven-year low of $789.8 billion in April.
The SpendTrend report also shows credit cards were the main payment type for the second month in a row. As the cost of food and gas increase, consumers seem to be using credit cards more to pay for basic necessities.
The report tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.