NEW YORK—Not surprisingly, new data show more Americans are relying on credit cards to buy essentials such as groceries while they conserve cash as the unemployment rate skyrockets as a result of the coronavirus pandemic.
Overall credit card spending fell 40% during March and early April with more Americans at home during the coronavirus, a new report by JP Morgan Chase suggests.
And non-essential spending dropped by 50%, according to the report.
“Despite less credit card spending, consumers are choosing to pay for smaller budget items like food with credit versus cash, other data suggests,” stated Fox Business in its analysis.