Credit union members spent enough on their credit cards in the week ending Nov. 15 to beat year-ago levels by the highest rate since the COVID-19 pandemic began in March, according to a PSCU report released Monday.
The St. Petersburg, Fla.-based payments CUSO's Transaction Trends Update also showed an especially large increase in spending on goods, which it said showed consumers weren't waiting for Thanksgiving to start making holiday purchases.
Glynn Frechette, SVP for Advisors Plus at PSCU, said debit card spending continues to grow at twice the normal rate from past years and is impressive, given the rise in COVID-19 cases. And he said the record gain for credit card spending was another positive sign for the start of the holiday spending season.
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