Good News for Merchant Services Processors:
Changes in American consumer behavior in the wake of the financial crisis have reached levels where the remarkably resilient U.S. consumer has internalized the crisis’ lessons. Now, many surveyed and studied are showing smarter spending and saving trends.
Consumer behavior has also shown that despite the ongoing current economic recovery, the United States is witnessing a sustained growth in the credit sector, specifically credit card related purchases.
According to a report released by the Federal Reserve Monday consumer borrowing increased by $17.1 billion in May. The report showed a steep 11.2% rise in credit card usage linked to revolving debt. Credit card debt increased by $8 billion, the largest single-month gain since November 2007.
