Credit union members continued to rely more heavily on their debit cards as the new year began, with credit card spending showing a gain even as balances have been declining.
The PSCU Transaction Trends Update found debit card spending in the week ending Jan. 3 was 16.4% greater than in Week 1 a year ago, which ended Jan. 5, 2020. Credit card spending rose 1.9%.
Economists have said consumer spending was buoyed after Congress passed relief in April that included $1,200-per-person stimulus checks and a $600-per-week federal bonus in unemployment payments that lasted through the end of July.
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