Lower-income earners are cutting back on essentials, while wealthier consumers maintain strong spending on dining and luxury travel, as shown by first-quarter credit card lender results. Lower-income earners cut back on essentials while wealthier consumers continued spending on dining, luxury travel, and big-ticket items. The Federal Reserve Bank of Philadelphia reported that 11.1% of card users made only minimum payments in the fourth quarter, the highest in 12 years. Lenders catering to high-income consumers have been insulated from concerns about Trump’s tariffs, inflation, and a possible recession.
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00:00It's Benzinga bringing Wall Street to Main Street. Lower income earners are cutting back on essentials
00:05while wealthier consumers maintain strong spending on dining and luxury travel, as shown by the
00:11first quarter credit card lender results. Lower income earners cut back onto essentials while
00:17wealthier consumers continue spending on dining, luxury, travel, and big ticket items. The Federal
00:22Reserve Bank of Philadelphia reported that 11.1% of card users made only minimum payments in the
00:29fourth quarter, the highest in 12 years. Lenders catering to high-income consumers have so far
00:34been insulted from concerns about Trump's tariffs, inflation, and possible recession.