ARLINGTON, Va. — Although data from the first half of the year appears to show card interchange was steady to growing, retail sales data suggests it may not hold up through the end of this year and into next.

Discover's US Spending Monitor Survey found that 66% of consumers surveyed said they plan to cut their spending this coming holiday season, in part in response to the ongoing economic and financial crisis.

“News of the nation's troubled financial system and increased pessimism over the economy finally began to weigh on consumers' views over their current finances, which had remained steady during the year,” Discover said. “Equally troubling, the steep drop in economic and financial confidence may have consumers pulling back on current and future spending plans approaching the holidays, even as gas prices continue to fall.”

So far credit unions have not felt the impact of the spending downturn in their interchange, but there are indications that the usual rate of interchange growth is growing, according to some credit union card processors.