US Consumers Spending More on Credit

Business

0  Updated at 7:00 am, July 9th, 2013 By: ABC Digital
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iStockphoto/Thinkstock(WASHINGTON) — As consumer confidence rises, many Americans appear to be less cautious about spending money.

The Federal Reserve says credit card spending rose more than 8 percent in May compared with the year before.  The rise came as several reports showed consumer confidence had risen to its highest level in five years.

At the same time, fewer people are falling behind on credit card payments.  The American Bankers Association says delinquencies fell to 2.41 percent in the first quarter of 2013, a 22-year low.

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