Consumer Payment Card News

Sinking or Stinking?

A monthly survey reveals that consumers are seeing spending for necessities grow and budgets for discretionary spending shrink. However, the latest “Discover U.S. Spending Monitor” rose 1.4 points in May to 86.8, still showing very little retreat from the prior economic concerns. The Discover poll found 54% of consumers say their finances are getting worse and 43% saying that shortfalls in income would force cutbacks in their current lifestyle. The most important factor in the spending outlook appears to be the record-high price of gasoline, now above $4 per gallon in many areas. Consumers’ views of their personal finances also show stark contrasts from a year ago, as a “Monitor” high 54% think their personal finances are getting worse, compared to 44% a year ago.

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