The Epoch Times
By Tyler Durden – November 5, 2021
When looking at the latest debit and credit card spending data out of Bank of America two weeks ago, one thing stood out: usage of credit cards among the lower income cohort has spiked with a 23% growth rate over a 2-year period, up from the summer average of 15%. This surge in credit card usage came at the expense of debit card spending growth which has slowed notably over the last several weeks. In turn, this was the result of various emergency stimulus programs expiring at the start of September, which meant far less cash in various deposit/checking accounts, and also meant the go to funding source would be America’s favorite: credit cards.