The weakest pace in two years for credit and debit card spending. Slower wages, fewer tax refunds, and the expiration of both the child tax credit program and of increased food stamp benefits has probably weighed on spending. The signs of a slow down in the labor market and weakening of wage growth will probably continue to slow down consumer spending in the coming months. The federal reserve will probably raise interest at least once more to try to cool the economy to bring prices down and control inflation.
After a strong start of the year, figures show that delinquency in debt paying is rising and consumers are starting to slow down spending. Programs like Buy Now Pay Later continue to grow, an indication that consumers are looking for ways to stretch their budget. Consumers are looking for options for their purchases.
FEEPASS, our flagship product can help merchants give consumers options when paying. We continue to monitor the market and will bring you information that can help you make better decisions. For more information on how we can help your business grow, contact us today.