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Tuesday
Jul092013

US Consumers Spending More on Credit

iStockphoto/Thinkstock(WASHINGTON) -- As consumer confidence rises, many Americans appear to be less cautious about spending money.

The Federal Reserve says credit card spending rose more than 8 percent in May compared with the year before.  The rise came as several reports showed consumer confidence had risen to its highest level in five years.

At the same time, fewer people are falling behind on credit card payments.  The American Bankers Association says delinquencies fell to 2.41 percent in the first quarter of 2013, a 22-year low.

Copyright 2013 ABC News Radio