Wall Street Banks’ Credit-Card Success Eases Worry Over Consumer
- Banks’ first-quarter results also showcase strength in trading
- Russia’s war in Ukraine remains one of the biggest risks
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U.S. consumers haven’t let soaring gas prices, interest-rate hikes or the latest Covid variant slow them down.
The country’s largest banks said spending on their credit cards surged in the first quarter as customers began traveling and dining out again after years of pandemic lockdowns. Even with the increased spending, borrowers kept up with their bills and lenders’ charge-off rates for bad debt held near historic lows.