{"id":4556,"date":"2011-07-24T10:44:04","date_gmt":"2011-07-24T14:44:04","guid":{"rendered":"http:\/\/blog.beliefnet.com\/news\/?p=4556"},"modified":"2011-07-25T23:00:08","modified_gmt":"2011-07-26T03:00:08","slug":"bloomberg-consumers-using-credit-cards-for-necessities-of-life","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/news\/2011\/07\/bloomberg-consumers-using-credit-cards-for-necessities-of-life","title":{"rendered":"BLOOMBERG: Consumers using credit cards for necessities of life"},"content":{"rendered":"

Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices, according to the Bloomberg Letter.<\/em><\/p>\n

The dollar volume of purchases charged grew 10.7 percent in June from a year ago, while the number of transactions rose 6.8 percent, according to First Data Corp.\u2019s SpendTrend report issued this month. The difference probably represents the increasing cost of gasoline, said Silvio Tavares, senior vice president at First Data, the largest credit card processor.<\/p>\n

\u201cConsumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,\u201d said Tavares, who\u2019s based in Atlanta. \u201cThat\u2019s because there\u2019s been no other positive catalyst, like an increase in wages, to offset higher prices. It\u2019s a cash-flow problem.\u201d<\/p>\n

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Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices, according to the Bloomberg Letter. The dollar volume of purchases charged grew 10.7 percent in June from a year ago, while the number of transactions rose 6.8 percent,…<\/p>\n","protected":false},"author":270,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fbia_status":"","footnotes":""},"categories":[100],"tags":[1175],"class_list":["post-4556","post","type-post","status-publish","format-standard","hentry","category-commentary","tag-credit-cards"],"yoast_head":"\nBLOOMBERG: Consumers using credit cards for necessities of life<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beliefnet.com\/columnists\/news\/2011\/07\/bloomberg-consumers-using-credit-cards-for-necessities-of-life\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BLOOMBERG: Consumers using credit cards for necessities of life\" \/>\n<meta property=\"og:description\" content=\"Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices, according to the Bloomberg Letter. 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