Boon for big banks: More consumers leaned on credit cards in Q1
04/12/2024 23:19
More consumers leaned on their credit cards in the first quarter, across Citi (C), JPMorgan Chase & Co. (JPM), and Wells Fargo (WFC) cards. Yahoo Finance reporter David Hollerith joins Wealth! to discuss what this tendency means for consumers and their finances. Spending and credit card loan balances have gone up year over year, Hollerith says. As business loans have been growing at a slower pace, Hollerith calls the increased consumer spending and balances a "bright spot" for these banks in terms of loan growth. However, it is difficult to pinpoint sticky inflation as the direct cause of higher credit card spending, Hollerith adds. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This article was written by Gabriel Roy
More consumers leaned on their credit cards in the first quarter, across Citi (C), JPMorgan Chase & Co. (JPM), and Wells Fargo (WFC) cards. Yahoo Finance reporter David Hollerith joins Wealth! to discuss what this tendency means for consumers and their finances.
Spending and credit card loan balances have gone up year over year, Hollerith says. As business loans have been growing at a slower pace, Hollerith calls the increased consumer spending and balances a "bright spot" for these banks in terms of loan growth. However, it is difficult to pinpoint sticky inflation as the direct cause of higher credit card spending, Hollerith adds.
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This article was written by Gabriel Roy