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BofA Sees Slower Card Spending as Rent Increases Dent Wallets
- Spending on credit, debt cards rose at slower pace in July
- The 5.3% annual increase lagged inflation, BofA Institute says
Photographer: Chris Ratcliffe/Bloomberg
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Credit-card spending is slowing down as US consumers feel the impact of rising rents and other increased costs, according to Bank of America Corp.
Spending on credit and debit cards per household increased in July by 5.3% from a year earlier, down from 5.7% in June, Bank of America Institute said in a report Tuesday. That pace lags inflation, suggesting real spending “continues to be under pressure,” economists led by David Tinsley said in the report.